07-03-2006, 05:17 PM
yes very right
here is the section 4 reference purpose
s 151 now reads as under
151. Profit on debt.-
(1) Where â
(a) where a person pays yield on an account, deposit or a certificate under the National Savings Scheme or Post Office Savings Account;
Clause (a) substituted by Finance Act, 2003 which previously read as follows
(a) a person pays yield on a National Savings Deposit Certificate, including a Defence Savings Certificate, under the National Savings Scheme;
(b) a banking company or (Substituted for "and" by Finance Act, 2003) financial institution pays any profit on a debt, being an account or deposit maintained with the company or institution;
(c) the Federal Government, a Provincial Government or a local authority pays to any person (Comma and Words ", other than a financial institution," omitted by Finance Act, 2003) profit on any security other than that referred to in clause (a) issued by such Government or authority; or
(d) a banking company, a financial institution, a company referred to in sub-clauses (i) and (ii) of clause (b) (Substituted for "clauses (a) and (b)" by Finance Act, 2003) of sub-section (2) of section 80, or finance societies pays any profit on any bond, certificate, debenture, security or instrument of any kind (other than a loan agreement between a borrower and a banking company or a development finance institution) to any person other than financial institution, the payer of the profit shall deduct tax at the rate specified in Division I of Part III of the First Schedule from the gross amount of the yield or profit paid as reduced by the amount of Zakat, if any, paid by the recipient under the Zakat and Ushr Ordinance, 1980 (XVII of 1980), at the time the profit is paid to the recipient.
(2) This section shall not apply to any profit on debt that is subject to subsection (2) of section 152.
(3) <b>Tax deducted under this section shall be a final tax on the profit on debt arising from transactions referred to in <u>clauses (a)</u>, <u>(b) and (d) of sub-section (1</u>)</b>
look only profit on debt on clauses a,b,&d is final tax
profit in debt on clause c shall not be final tax
proft on debt on which s-152(2)applies shall not be a final tax
and any other profit on debt shall go under the head income from other sources , except , where person's business is to earn such profit,it wud go under the head income from business
here is the section 4 reference purpose
s 151 now reads as under
151. Profit on debt.-
(1) Where â
(a) where a person pays yield on an account, deposit or a certificate under the National Savings Scheme or Post Office Savings Account;
Clause (a) substituted by Finance Act, 2003 which previously read as follows
(a) a person pays yield on a National Savings Deposit Certificate, including a Defence Savings Certificate, under the National Savings Scheme;
(b) a banking company or (Substituted for "and" by Finance Act, 2003) financial institution pays any profit on a debt, being an account or deposit maintained with the company or institution;
(c) the Federal Government, a Provincial Government or a local authority pays to any person (Comma and Words ", other than a financial institution," omitted by Finance Act, 2003) profit on any security other than that referred to in clause (a) issued by such Government or authority; or
(d) a banking company, a financial institution, a company referred to in sub-clauses (i) and (ii) of clause (b) (Substituted for "clauses (a) and (b)" by Finance Act, 2003) of sub-section (2) of section 80, or finance societies pays any profit on any bond, certificate, debenture, security or instrument of any kind (other than a loan agreement between a borrower and a banking company or a development finance institution) to any person other than financial institution, the payer of the profit shall deduct tax at the rate specified in Division I of Part III of the First Schedule from the gross amount of the yield or profit paid as reduced by the amount of Zakat, if any, paid by the recipient under the Zakat and Ushr Ordinance, 1980 (XVII of 1980), at the time the profit is paid to the recipient.
(2) This section shall not apply to any profit on debt that is subject to subsection (2) of section 152.
(3) <b>Tax deducted under this section shall be a final tax on the profit on debt arising from transactions referred to in <u>clauses (a)</u>, <u>(b) and (d) of sub-section (1</u>)</b>
look only profit on debt on clauses a,b,&d is final tax
profit in debt on clause c shall not be final tax
proft on debt on which s-152(2)applies shall not be a final tax
and any other profit on debt shall go under the head income from other sources , except , where person's business is to earn such profit,it wud go under the head income from business
