Riaz Academy
Income Tax Definitions
1. Definition: Income includes
·
Any amount
chargeable to tax under the Income Tax Ordinance, 2001
Any amount
chargeable to tax under the Income Tax Ordinance, 2001
·
Any amount
treated as income under any provision of the Ordinance
Any amount
treated as income under any provision of the Ordinance
·
Any loss of
income
Any loss of
income
2. Definition: Person
·
An individual;
An individual;
·
A company or
association of persons incorporated, formed, organized or established in Pakistan
or elsewhere;
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.
The Federal
Government, a foreign
government, a political
subdivision of a
foreign government, or public international organization.
3. Definition: Association of Persons
“Association
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;
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;
“Firm”
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.
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
“Company”
means:
means:
1.
a company as
defined in the Companies Ordinance, 1984 a small company
a company as
defined in the Companies Ordinance, 1984 a small company
2.
a body
corporate formed by or under any law in force in Pakistan;
a body
corporate formed by or under any law in force in Pakistan;
3.
a modaraba;
a modaraba;
4.
a body
incorporated by or under the law of a country outside Pakistan relating to
incorporation of companies;
a body
incorporated by or under the law of a country outside Pakistan relating to
incorporation of companies;
5.
a foreign
association, declared to be a company for the purposes of this Ordinance;
a foreign
association, declared to be a company for the purposes of this Ordinance;
6.
a Provincial
Government; or
a Provincial
Government; or
7.
a local
Government in Pakistan; or
a local
Government in Pakistan; or
8.
a co-operative
society, a Finance society or any other society a non-profit organization
a co-operative
society, a Finance society or any other society a non-profit organization
9.
a trust
a trust
10.
an equity or a
body of persons established or constituted by or under any law for the time
being in force
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
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
Ordinance,2001.
Ordinance,2001.