Académique Documents
Professionnel Documents
Culture Documents
Karachi
Workshop
on Income Tax
NON PROFIT
ORGANISATION
By
Salman Haq
Hotel Sheraton
29-30 August 2005
2
CONTENTS
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
GENERAL DEFINITION
LIST OF DOCUMENTS
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
or
(b)
formed and registered under any law as a
non-profit organization;
5
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
6
APPLICATION PROCEDURE
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
7
APPLICATION PROCEDURE
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
8
APPLICATION PROCEDURE
LIST OF DOCUMENTS :
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
APPLICATION PROCEDURE
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
APPROVAL:
Hotel Sheraton
29-30 August 2005
The first approval is valid upto 30th day of June of the tax
year next following the tax year in which the approval is
granted.
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
(ii)
(iii)
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
(iv)
(v)
(vi)
(vii)
(viii)
Workshop
on Income Tax
(b)
Hotel Sheraton
29-30 August 2005
(ii)
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(iii)
(iv)
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
(b)
Items manufactured in Pakistan: purchase
price along with duties and charges paid by the donor
Hotel Sheraton
29-30 August 2005
(c)
Used depreciable items: Tax Written Down
Value.
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(d)
Motor vehicles:
(i)
(ii)
Workshop
on Income Tax
(iii)
(v)
old,
reduced
the year in
purchased
Workshop
on Income Tax
(e)
CONTENTS
Income Tax Bar
Association
Karachi
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
OPERATING LAW
OPERATING LAW
The Insurance Ordinance, 2000 and the Rules made
there under is the governing law for Insurance companies
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
22
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
The Finance Act, 2005 has introduced Rule (6A) to the Fourth
Schedule to the Ordinance whereby gain from the sale of:
(a)
(b)
(c)
(d)
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
Modaraba certificates;
Listed redeemable capital;
Shares of a public company; and
Pakistan Telecommunications Corporation Vouchers
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
(b)
Amount paid to or reserved for or expanded on
behalf of policy holders. However no account shall
be taken of the amount (i) paid out OR (ii) brought
forward surplus from a previous inter valuation period.
On the other hand, if the amount reserved
for
payment to policy holder ceases to be so
reserved
and is no longer payable, the sum
previously
allowed as a deduction is treated as
part of the income
for the tax year in which the
amount ceases to be so
paid.
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Workshop
on Income Tax
(c)
Amount written off or reserved in the accounts
through the actuarial valuation for (i) depreciation
OR (ii) loss on realization of investment is allowed
as a deduction. On the other hand, amount taken
credit for in the accounts for (i) appreciation OR (ii)
gain in the realization of investment is treated as
part of surplus for the year, provided the Commissioner
considers the amount of
depreciation /
appreciation , loss / gain as
reasonable.
(d)
Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Hotel Sheraton
29-30 August 2005
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Workshop
on Income Tax
Thank you
Hotel Sheraton
29-30 August 2005
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