Income Tax Definitions

Income Tax Definitions
Income Tax Definitions
1. Definition: Income includes
Any amount
chargeable to tax under the Income Tax Ordinance, 2001
Any amount
treated as income under any provision of the Ordinance
Any loss of
2. Definition: Person
An individual;
A company or
association of persons incorporated, formed, organized or established in Pakistan
or elsewhere;
The  Federal 
Government,  a  foreign 
government,  a  political 
subdivision  of  a 
foreign government, or public international organization.
3. Definition: Association of Persons
of persons” includes a firm, a Hindu undivided family, any artificial juridical
person and anybody of persons formed under a foreign law, but does not include
a company;
means the relation between persons who have agreed to share the profits of a
business carried on by all or any of them acting for all.
4. Definition: Company
a company as
defined in the Companies Ordinance, 1984 a small company
a body
corporate formed by or under any law in force in Pakistan;
a modaraba;
a body
incorporated by or under the law of a country outside Pakistan relating to
incorporation of companies;
a foreign
association, declared to be a company for the purposes of this Ordinance;
a Provincial
Government; or
a local
Government in Pakistan; or
a co-operative
society, a Finance society or any other society a non-profit organization
a trust
an equity or a
body of persons established or constituted by or under any law for the time
being in force
5. Definition: Local Government: shall
have the same meaning as in the
   Punjab Local Government Ordinance, 2001,
   The Sindh Local Government Ordinance,2001,
   The NWFP Local Government Ordinance,2001 and
  The Baluchistan Local Government

Check Also

ACCA F2 Management Accounting Lecture 86 – Performance Measurement – Introduction

ACCA F2 Management Accounting  Lecture # 86 – Performance Measurement – Introduction Please wait to …