12-15-2011, 02:56 PM
In continuation to my last reply, I have just found that a section corresponding to 80C(5) of the repealed Income Tax Ordinance 1979 was incorporated in the Income Tax Ordinance, 2001. This sub-section was section 169(4). But this sub-section was omitted by Finance Act, 2004.
By expressly omitting this sub-section legislature has made it clear that from Tax year 2005 onwards there is no restriction on the quantum of profit that one may take into account in respect of his revenues subjected to final tax. You may take into account original profit that you have earned according to your books of accounts.
By expressly omitting this sub-section legislature has made it clear that from Tax year 2005 onwards there is no restriction on the quantum of profit that one may take into account in respect of his revenues subjected to final tax. You may take into account original profit that you have earned according to your books of accounts.
