Amendment in the Income Tax Rules, 2002.
SRO 125(I)/2013 is an Income Tax SRO dated 22 February 2013, listed by FBR as "Amendment in the Income Tax Rules, 2002.".
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.
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Government of Pakistan
Revenue Division
Federal Board of Revenue
Inland Revenue Wing
Islamabad, February 21, 2013
NOTIFICATION
(Income Tax)
S.R.O 125(I)/2013. - In exercise of the powers conferred by sub-section sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published on FBR Website on 06.02.2013 as required by sub-section (3) of the said section, namely:-
In the aforesaid Rules, in the Second Schedule,-
(a) In Part-IC (IT-1), in order to facilitate taxpayers engaged in the business of goods forwarding, the following new Row 130 shall be added, namely,-
| Source | Code | Receipts/Value | Rate | Code | Tax Due | |
|---|---|---|---|---|---|---|
| 130 | Goods Transport Vehicles | 64141 | 65141 |
(b) In Part-IC (IT-1), in order to treat the tax collected on import of edible oil and packing material as "minimum tax," as intended by law, the following changes will be made, namely,-
(i) A new block to cater the calculation of minimum tax at Sr. No. 141 as follows will be inserted: -
| 141 | Difference of minimum tax chargeable on certain business transactions [141(c)(v) minus 141(c)(iii)] | 9303 | ||||||
|---|---|---|---|---|---|---|---|---|
| (i) | (ii) | (iii) | (iv) | (iv) | (v) | |||
| Import Value/Services receipts subject to collection or deduction of tax at source | Proportionate chargeable income | Proportionate tax * | Rate | Minimum tax | Higher of (iii) or (iv) | |||
| (a) | Imports Edible Oil U/S 148(8) | 3% | ||||||
| (b) | Import of Packing Material U/S 148(8) | 5% | ||||||
| (c) | Total |
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(ii) All other Serial Numbers greater than 141 will be incremented by one that would consequently result in the changes in remaining rows.
(c) In Part-IC (IT-2), in order to restrict tax rebate @ 75% ONLY to "income from salary" allowed to "a full time teacher or a researcher" under Clause (2) of Part III of Second Schedule to the Income Tax Ordinance, 2001, as intended by the law, the following changes shall be made, namely,-
(i) The caption against Sr. No.39 having code 9249 is changed from "Tax Reductions/Credits/Averaging (including rebate on Bahbood Certificates, etc.)" to "Tax reductions/ Credits/ Averaging other than Teachers/Researcher Rebate (Including rebate on Bahbood Certificates, etc)".
(ii) A new ROW at Sr. No.44 with the caption "Full Time Teacher/Researcher's Rebate" and code 9309 is inserted.
(iii) All other Serial Numbers greater than 44 are incremented by one that also resulted the changes in captions against the codes "9307" & "9999".
(iv) The following validation check has been incorporated against Sr. 44 having caption "Full Time Teacher/Researcher's Rebate" and code "9309".
(v) The value against code "9309" must be less than or equal to the (value against code "1999" multiplied by @ rate against "9201") minus (value against code "1999" multiplied by @ rate against "9201" multiplied by 0.25.
This Notification and the changes made thereunder shall be applicable for the tax year, 2010.
[C.No.2(2)Tax Base/2010]
(Muhammad Ashfaq Ahmed)
Secretary (IR General)
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