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 income
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
“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;
“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.
4. Definition: Company
“Company” means:
1. 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;
3. a modaraba;
4. 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;
6. a Provincial Government; or
7. a local Government in Pakistan; or
8. a co-operative society, a Finance society or any other society a non-profit organization
9. a trust
10. 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 Ordinance,2001.