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”
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