INCOME TAX RULES 2002 UPDATED EBOOK DOWNLOAD!
In this regard, the FBR has amended Income Tax Rule through an SRO(I)/ issued here Friday. The FBR has also notified that the name of a. Tax on shipping and air transport income of a non- .. Substituted by Finance Ordinance vide S.R.O(I)/ dated 15th June, The Income Tax Ordinance, and the Income Tax Rules, treat to amend, update and insert several provisions in the income tax law.
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The existing provisions in the income tax law and related rules do not take into consideration the ground realities and functioning of non-profit organisations across a wide range of thematic areas The Income tax rules 2002 updated Tax Ordinance, and the Income Tax Rules, treat NPOs as companies.
Various requirements for fulfilling the criteria to be recognised as non-profit under the tax law include a purpose for establishment to be religious, educational, charitable, welfare or development, or the promotion of an amateur sport b registration under any law as a non-profit organisation c approval by the Commissioner Inland Revenue d non-conferment of private benefit to any other person by the assets of the NPO.
As part of income tax rules 2002 updated procedure, an NPO has to provide certain records and information including audited accounts, details of directors, donors, beneficiaries, offices etc.
FBR issues changes in the Income Tax Rules 2002
Moreover, the governing document of NPOs should also contain various clauses as required by the income tax rules including quorum requirements, restriction on surplus funds, books of accounts, bank accounts, audit, distribution of profit etc.
Furthermore, the approval granted for the NPO status can also be revoked on various grounds including the use of an NPO for personal gain or benefit of members or their families; propagation of views of a particular political party or a religious income tax rules 2002 updated failure to achieve the declared aims and objects; salary expenditures exceeding by 50pc of the total receipts excluding restricted donations, income tax rules 2002 updated.
Once an NPO has been granted approval by the Commissioner Inland Revenue, it can avail various tax benefits including tax credit and exemption. The NPOs are allowed a tax credit equal to income tax rules 2002 updated of the tax payable subject to fulfilment of certain conditions including i filing of annual income tax return ii deduction or collection of tax as required by tax law and deposit the same in government treasury and iii filing monthly withholding tax statements.
However, in case the NPO generates part of its income from business or commercial activities and the same is expended for carrying out welfare activities, a proportional credit is allowed against such income. NPOs can also be granted exemption from withholding of income tax under section if the commissioner is satisfied that all income of the NPO is entitled income tax rules 2002 updated pc tax credit.
FAZAL MAHMOOD AND COMPANY CHARTERED ACCOUNTANTS
Before tax yearall NPOs were directly allowed exemption under clause 58 of the second schedule to the income tax ordinance. However, from tax year onwards, exemption under clause 58 was withdrawn and the concept of tax credit was introduced under income tax rules 2002 updated new section C.
- Federal Board of Revenue, Government of Pakistan
- Taxation of NPOs - Newspaper -
- Section # of The Income Tax Ordinance,
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- Protected: INCOME TAX RULES 2002 (RULE 73)
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Nonetheless, various NPOs still enjoy direct exemption status under the second schedule of the Income Tax Ordinance, The existing provisions in the income tax law and related rules are at times very stringent and do not take into consideration the ground realities and functioning of NPOs across a wide range of thematic areas.
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