(a) the fund shall be a fund established under an irrevocable trust in connection with trade or undertaking carried on in Pakistan, and not less than ninety per cent of the employees shall be employed in Pakistan In order that a gratuity fund may receive and retain approval, it shall satisfy the conditions hereinafter specified and any other conditions which the Board may, by rules, prescribe – (3) The Commissioner shall neither refuse nor withdraw approval to any gratuity fund unless he has given the trustees of that fund a reasonable opportunity of being heard.Ģ. (2) An order according approval or withdrawing approval shall take effect from such date as the Commissioner may fix. (1) The Commissioner may accord approval to any gratuity fund which, in his opinion, complies with the requirements of rule 2 and may, at any time, withdraw such approval if, in his opinion, the circumstances of the fund cease to warrant the continuance of the approval. The Ordinance incorporated amendments brought through Finance Act, 2021.įollowing is the text of Part III, Sixth Schedule of Income Tax Ordinance, 2001:ġ. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. Part III, Sixth Schedule of Income Tax Ordinance, 2001 has explained the procedure for the grant of approval to gratuity funds for treatment of income tax.
0 Comments
Leave a Reply. |