Amendment in Income Tax Ordinance, 2001 (XLIX of 2001)

GOVERNMENT OF PAKISTAN REVENUE DIVISION CENTRAL BOARD OF REVENUE ***** Islamabad, the November 14, 2005 NOTIFICATION (Income Tax) S.R.O.1130(I)/2005.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:- In the aforesaid schedule, in Part IV, after clause (41), the following new clause shall be inserted, namely: “(41A) Notwithstanding anything contained in the Finance Act, 2005 (VII of 2005), with respect to the omission of clause (40) of Part IV of the Second Schedule to this Ordinance, nothing in sub-section (6A) of Section 153 of this Ordinance shall apply to any person being a manufacturer, where declaration of option for the presumptive tax regime has been furnished and transactions pertaining to such option have been undertaken and completed on or before the 30th June, 2005: Provided that all declaration of options already furnished shall cease to have effect after the 30th June, 2005.”. [C.No. 4(22)ITP/2005] ( Salman Nabi ) Additional Secretary/Member (Direct Taxes)