Exemption from the provisions of section 7B of the Income Tax Ordinance 2001, for recipients of profit on debt from Behbood Saving Certificates or Pensioners' benefit accounts
SRO 1217(I)/2017 is an Income Tax SRO dated 24 November 2017, listed by FBR as "Exemption from the provisions of section 7B of the Income Tax Ordinance 2001, for recipients of profit on debt from Behbood Saving Certificates or Pensioners' benefit accounts".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
Government of Pakistan
Revenue Division
Federal Board of Revenue
Islamabad, the 23rd November, 2017.
NOTIFICATION
(Income Tax)
S.R.O.1217 (I)/2017. - In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Board with the approval of Federal Minister-in-charge and pursuant to the approval of the Economic Coordination Committee of the Cabinet contained vide case No.ECC-118/21/2017 dated the 1st November, 2017, is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in Part IV, after clause (102), the following new clause shall be added, namely:-
"(103) The provisions of section 7B shall not apply to yield or profit on investment in Bahbood Savings Certificate or Pensioner's Benefit Account, provided that tax on the said yield or profit on debt is paid at the rates specified in Division I of Part I of the First Schedule subject to clause (6) of Part III.".
[No.1(104)Rules&SROs/2017]
(Ajaz Hussain)
Secretary (Rules & SROs)
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