INDUS PENCIL INDUSTRIES (PVT.) LTD. vs The COMMISSIONER INLAND REVENUE, ZONE-I, LTU-II KARACHI S — 2022 PTD 599 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN

Case information

Citation: 2022 PTD 599 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN
Year: 2022
Reporter: PTD
Parties: INDUS PENCIL INDUSTRIES (PVT.) LTD. vs The COMMISSIONER INLAND REVENUE, ZONE-I, LTU-II KARACHI S
Subject matter: Criminal
Provisions referred to: S. 113---M; S. 113; Income Tax Ordinance

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

INDUS PENCIL INDUSTRIES (PVT.) LTD. VS The COMMISSIONER INLAND REVENUE, ZONE-I, LTU-II KARACHI S.113---Minimum tax on the income of certain persons---Scope---Clause (a) of subsection (2) of S.113, Income Tax Ordinance, 2001, provides that the aggregate of the person's turnover as defined in subsection (3) for the tax year shall be treated as the income of the person per year chargeable to tax---Clause (b) of subsection (2) of said section provides that the person shall pay as income tax for the tax year (instead of the actual tax payable under Income Tax Ordinance, 2001) an amount equal to one-half per cent of the person's turnover for the year---Clause (c) of subsection (2) provides that where tax paid under subsection (1) exceeds the actual tax payable under Part-I, Division-II of the First Schedule, the excess amount of tax paid shall be carried forward or adjusted against tax liability under the aforesaid part i.e. Part-I, Division-II of the First Schedule of the subsequent tax year---Proviso to clause (c) of subsection (2) provides that the amount under clause (c) shall be carried forward and adjusted against tax liability for five tax years immediately succeeding the tax year for which the amount was paid.

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