This paper deals with incentives available to accesses of various classes under Income Tax Ordinance, Income Tax Rules and various SRO's issued from time to time under the said Ordinacne/Rules. The under mentioned tabulations shall speak of details of such incentives:
1. Incentive under Income Tax Ordinance 1984:
a) Under Part A of sixth schedule
b) Under Part B of sixth schedule.
c) Under different sections.
2. Incentive under Income Tax Rules, 1984:
3. Incentive under differente SRO's
1. Incentive under Income Tax Ordinance 1984
a) Under Part A of Sixth Schedule
( Income totally exempt from tax)
Certain Incomes are totally exempted from tax. They are not includible with other income even for rate purpose. Incomes specified in part-A of the sixth schedule of Income Tax Ordinance, 1984 are exempted and excluded from the computation of total income subject to the limits, conditions and qualifications laid down therein.
Following items of Income as specified in section 44.1 and part A of the sixth Schedule are fully exempted:
1. Income from property held under Trust. (Paragraph -1)
2. Income of a religious or charitable institution derived from voluntary contributions. (Paragraph - 2)
3. Income of local government. (Paragraph -3)
4. Income of Provident & Other Funds. (Paragraph -4)
5. Traveling allowance etc. (Paragraph-5)
6. Income of Trustees. (Paragraph-6)
7. Income of personnel of the foreign missions. (Paragraph -7)
8. Pension. (Paragraph -8)
9. Interest on Securities. (Paragraph ...