Complete Income Tax Law

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130th update dated November 20, 2017

This update covers:-

-SRO 981(I)/2017, SRO 982(I)/2017, 1173(I)/2017 & 1191(I)/2017.

The changes are briefly listed as follows:-

Part I Income Tax Ordinance

1.         On page 542A, Rule 7C of the Seventh Schedule has been amended by SRO 1173(I)/2017 dated November 13, 2017 to provide that the new rules for determining the profits of banks will not apply even for 2017.

Part II Income Tax Rules

2.         On pages 34O onwards, new Chapter VIA Rules 27A to 27O added in the Income Tax Rules, 2002 by SRO 1191(I)/2017 dated November 16, 2017. These are re: Documentation and Country-By-Country Reporting Requirements.

3.         On pages 144.112(47) onwards, new Return Forms have been added in the 2nd Schedule to the Income Tax Rules, 2002 by SRO 981(I)/2017 and SRO 982(I)/2017 both dated September 28, 2017. These are for Individuals & Companies.