ISSUING AUTHORITY:                   FEDERAL BOARD OF REVENUE

POWERS EXERCISED U/S:             53(2) OF ITO, 2001

NOTIFICATION NO:                        SRO. 300(I)/2020

DATE OF ISSUANCE:                       APRIL 10, 2020

EFFECTIVE FROM:                         WITH IMMEDIATE EFFECT (i.e. APRIL 10, 2020)

AMENDMENTS MADE IN:              SECOND SCHEDULE TO ITO, 2001

 

COMMENTARY

Clause 61 Part I                                  Through this notification a new sub-clause (lvii) is added whereby any amount paid as donation to the Fund namely “The Prime Minister’s COVID-19 Pandemic Relief Fund-2020” shall be exempt from tax.

COMMENTARY

Clause 66 Part I                                  Through this notification a new sub-clause (lxix) is added whereby any income derived by the Fund namely “The Prime Minister’s COVID-19 Pandemic Relief Fund-2020” shall be exempt from tax.

COMMENTARY

Clause 11A Part IV                             Through this notification a new sub-clause (xxxv) is added whereby the provision of section 113 regarding minimum tax shall not apply to the Fund namely “The Prime Minister’s COVID-19 Pandemic Relief Fund-2020”.

COMMENTARY

Clause 116 Part IV                              Through this notification a new clause is added whereby provision of following sections shall not apply to the Fund namely “The Prime Minister’s COVID-19 Pandemic Relief Fund-2020”.

  • Section 151 (Profit on debt)
  • Section 231A (Cash withdrawal from a bank)
  • Section 231AA (Advance tax on transactions in bank)
  • Section 236P (Advance tax on banking transactions otherwise than through cash)

COMMENTARY

Clause 117 Part IV                              Through this notification a new clause is added whereby provision of section 236P shall not apply at the time of transfer of any sum to the Fund namely “The Prime Minister’s COVID-19 Pandemic Relief Fund-2020”

SRO 300(I)-2020 (IT)