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For business information, annual reports, laws, ordinances, regulations and articles. |
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PART XI
MISCELLANEOUS
203. Prescribed arrangements for declaration and payment of
dividends within Pakistan.- The arrangements referred to in clause (21) of section 2
to be made by a domestic company for the declaration and payment of dividends (including
dividends on
reference shares) within Pakistan and for deduction of tax from such dividends
shall be as follows:-
(1) The share-register for all the share-holders of the company shall be maintained at the
principal place of business in Pakistan.
(2) The general meeting of the company at which the account of the previous year relevant
to the assessment year are laid and at which any dividends a declared or sanctioned shall be held in
Pakistan.
(3) The dividends declared, if any, shall be payable within Pakistan to all share-holders.
(4) Where a share-holder to whom dividend is payable is non-resident, the company shall,
on receipt of an order in writing from the Deputy
Commissioner of Income Tax, deduct at the time of payment of
dividends tax at such rate as the Deputy
Commissioner of Income Tax may determine as being the rate
applicable in respect of total income of the share-holder in the relevant year; and where
no order aforesaid is received, the company shall deduct tax at the rate or rates
specified in the First Schedule to the Ordinance assuming the dividend payment to be the
total income of the share-holder.
(5) The amount of tax deducted under paragraph (4) shall be paid to the credit of the
Federal Government within the time limit prescribed in rule 47.
203A. For the purposes of sub-section (18) of
section 12, the expression "financial institutions" has the same meanings as are
assigned to it in clause (15A) of section 2 of the Companies Ordinance, 1984 (XLVII of
1984.).
203AA. Definition of expression
"reserves".- For the purposes of sub-section (9A) of section 12, the
expression "reserves" shall include amounts set aside out of revenue or other
surpluses excluding capital reserves, share premium reserve and reserves required to be
created under any law, rules or regulations.
204. Application required to be made for registration of firm.-
(1) An application under sub-section (1) of section 68 on behalf of a firm for
registration of the firm under the Ordinance shall be made in the following form and
verified in the following manner, namely:-
FORM OF APPLICATION FOR REGISTRATION OF A FIRM UNDER SECTION 68 OF THE
INCOME TAX ORDINANCE, 1979.
To
THE
DEPUTY COMMISSIONER OF INCOME TAX,
Circle Zone
Income Year
ending…………………………………..
Assessment
year……………………………………..
1.
We.........................................................................................................hereby
apply for registration of our firm
(name in block letters)
under section 68 of the Income Tax Ordinance, 1979, for the assessment for the year ending
on the..........day of........., 19.....
2.
*The original/* A certified copy of the instrument of partnership under which the firm is constituted
specifying the individual shares of the partners together with a *copy/* duplicate copy thereof is
enclosed.
The prescribed particulars are given in the attached Schedule.
3. *The original (s)* /*A certified copy/Certified copies* of the instrument(s) of partnership by which the firm was constituted in
the Income year and in the period thereafter upto the date of this application is (are) enclosed. The
prescribed particulars are given in the attached Schedule.
4. We do hereby certify that the profits (or loss, if any) of the *Income year/*Period up to the date of dissolution were/was/will be divided among or credited (and in the case of loss,
debited) to the accounts of partners as shown in the Schedule and that the information
given above and in the attached Schedule is correct.
|
(Signature)________________________________________ |
|
(Address)_________________________________________ |
National Tax Number
Note (1). This application must be signed by all the partners (not being minors) in the
firm as constituted at the date on which the application is made, or where the application
is made after the dissolution of the firm, by all persons (not being minors) who were
partners in the firm immediately before its dissolution and by the legal representatives
of any such person deceased.
Note (2). Paragraph 3 is applicable where there has been a change in the constitution of
the firm and should be scored out in other cases.
SCHEDULE |
Serial. No. |
Name of
partners |
Address |
Date of
admittance to partnership |
Interest
capital or loans (if any)
[(See Note(1)] |
Salary
Commission or other remuneration from the firm [See Note (2)] |
Share in the
balance of profits(or loss)
[See Note(2)] |
Remarks |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
Section A
(Particulars of the firm as constituted at the date of this application.)
Section B.
Particulars of the apportionment of the income, profits or gains (or loss) of the
business, profession or vocation in the Income year between the partners who is that year
were entitled to share in such income, profits or gains (or loss).
(Applicable where there has been a change in the constitution of the firm).
| NOTE (1).- |
If the interest, salary and/or
commission is payable (or allowable) only if there are sufficient profits available, this
fact should be noted against the relevant item in the Remarks column. |
| NOTE (2).- |
Where any partner is entitled to share
in the profits but is not liable to bear a similar proportion of any losses, this fact
should be noted in the Remarks column. |
| NOTE (3).- |
Entries Section B need be made only
where there has been a change in the constitution of the firm. The word "Not
Applicable" should be written across all the columns in other cases. |
(2) The application referred to in sub-rule (1) shall be accompanied by the following
documents, namely:-
(i) The original instrument of partnership by which the firm is constituted together with
a copy thereof:
Provided that where the
Deputy Commissioner of
Income Tax is satisfied that for some sufficient reason the
original instrument cannot conveniently be produced, he may accept a copy thereof
certified in writing by all the partners (not being minors) of the firm or, where the
application is made after the dissolution of the firm, by all persons (not being minors)
who were partners in the firm immediately before its dissolution and by the legal
representative of any such person, who is deceased, to be a correct copy and in such a
case the application shall also be accompanied by a duplicate copy; and
(ii) The original certificate alongwith a copy thereof issued by the Registrar of Firms to
the effect that the partnership firm referred to in paragraph (i) has been registered
under the Partnership Act, 1932 (IX of 1932), or that an application for such registration
has been made.
(3) The application referred to in sub-rule (1) shall be made before the expiry of the
income year:
Provided that the Deputy Commissioner of Income Tax may entertain an application made after the expiry of the time-limit
specified in this rule if he is satisfied that the firm was prevented by sufficient cause
from making the application within the specified time.
(4) The application referred to in sub-rule (1) shall be signed by all the partners (not
being minors) personally, or in the case of a dissolved firm, by all persons (not being
minors) who were partners in the firm immediately before its dissolution and by the legal
representative of any partner who is deceased.
205. Registration of Income Tax Practitioners.- (1) A person
desiring to be registered as an Income Tax Practitioner within the meaning of clause (c)
of sub-section (2) of section 157 shall make an application to the Board in the following
form, namely:-
APPLICATION FORM FOR REGISTRATION AS AN INCOME TAX PRACTITIONER
To
The Regional Commissioner of Income Tax,
-----------Region------------
Dear Sir,
With reference to section 157(2)(c) of the Income Tax Ordinance, 1979, I, the undersigned,
hereby apply for registration as an Income Tax Practitioner within the meaning of the said
section.
Necessary particulars are as below:-
1. Name (in block letters);
2. Father’s name (in block letters);
3. Residential address:
(a) Present:
(b) Permanent;
4. Date of birth;
5. Academic/Professional qualifications on the basis of which registration has been
sought:
6. Present occupation;
7. Particulars
of Chartered Accountant (CA/Cost and Management Accountant (CMA)/Income Tax Practitioner
(ITP) with whom apprenticeship was completed and the period and dates of apprenticeship.
I hereby declare on solemn affirmation that whatever information has been given above is
correct to the best of my knowledge.
It is further affirmed that--
(a) I have not been dismissed or removed from service;
(b) I am not an undischarged insolvent;
(c) I have not been disqualified to represent an income tax assessee by a Commissioner of
Income Tax or any authority empowered to take disciplinary action against lawyers or
registered accountants;
(d) a period of two years had elapsed since I resigned from service after having been
employed in the Income Tax Department for two years or more;
(dd) I have
completed the prescribed apprenticeship period;
(e) I have not been convicted of any offence connected with any income tax proceeding
under the Income Tax Ordinance, 1979, or the repealed Income Tax Act, 1922; and
(f) I have not been convicted of any offence under the Pakistan Penal Code.
Yours faithfully,_________________________________
Signature______________________________________
Name of the Applicant____________________________
Office Address__________________________________
(2) For the purpose of sub-rule (1) a person qualified for registration as an Income Tax
Practitioner includes any person who:-
(a) has received a degree in Law at least in second
division or Commence (with Income Tax Law and Accounting or
Higher Auditing as subjects or part of subjects, whether compulsory or optional) or
Business Administration/Management (with Advanced Accounting and Income Tax Law as subject
or part of subjects, whether compulsory or optional) conferred by any of the following
Universities;
(i) Any University incorporated by any law for the time being in force in Pakistan or Azad
Kashmir; or
(ii) Any foreign University incorporated by law or accredited or affiliated by an
association of Universities or colleges of that country or by any authority formed for the
purpose under the laws of that country; or
(iii) Any foreign institution authorised to grant degree under the laws of that country:
Provided that the degree conferred by a foreign University or institution is equivalent to
a degree conferred by a Pakistani University and is recognised as such by a *Pakistan
University; or
*The apparently intended word is "Pakistan".
(b) has passed any of the following accounting examinations, namely:-
(i) Intermediate examination conducted by the Institute of Chartered Accountants of
Pakistan constituted under the Chartered Accountants Ordinance, 1961; or
(ia)
Intermediate examination conducted by any foreign institute of chartered accountants and
recognized by the institute of Chartered Accountants of Pakistan as equivalent to its
intermediate examination; or
(ii) Final Examination conducted by the Association of Certified and Corporate
Accountants, London ; or
(iii) Part-III
of examination for Cost and Management Accountants conducted by the Institute of Cost and
Management Accountants under the Cost and Management Accountants Act, 1966 (XIV of 1966);
and
(c) has worked
for a continuous period of at last six months as an apprentice, under the supervision of a
Chartered Accountant or a Cost and Management Accountant or an Income Tax Practitioner
referred to in section 157 of the Income Tax Ordinance, 1979, having been registered as
such for a period of not less than ten years, and furnishes from such Chartered Accountant
or Cost and Management Accountant or an Income Tax Practitioner, as the case may be, the
certificate referred to in clause (v) of sub-rule (3).
(2A) Every
Chartered Accountant or Cost and Management Accountant or Income tax Practitioner who
accepts any person as an apparentice for the purposes of these rules shall, within fifteen
days of such acceptance, furnish to the Regional Commissioner of Income tax in whose
jurisdiction he is practicing an intimation in the following form:
FORM REGARDING COMMUNICATION OF ACCEPTANCE OF A PERSON AS AN
APPRENTICE INCOME TAX PRACTITIONER
TO
THE REGIONAL COMMISSIONER OF INCOME TAX
---------------REGION,
--------------.
Sir,
The undersigned has the---------------day of---------------------19
accepted Mr., Mrs., Miss______________________________________________________
Son/Daughter/Wife of_________________________________________________________
National I.D. Card No.________________________________________________________
residing at ________________________,as an apprentice Income Tax Practitioner. His/her
qualifications in terms of clause (b) of sub-rule (2), are as follows:
(i)__________________________________
(ii)__________________________________
The evidence of above qualifications and copy of his National Identity Card is attached.
It is further certified that I have been registered since _________vide certificate No.
______________dated ____________as a Chartered Accountant/Cost and Management
Accountant/Income Tax Practitioner.
Signature_______________________
(in block letters)
Name of the CA/CMA/ITP_________
Office Address:__________________
| Phone No._________________ |
Fax _________________. |
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(3) An application under sub-rule (1) shall be accompanied by the following documents,
namely:-
(i) Treasury receipt for two hundred rupees required to be deposited as
non-refundabe
application fee in any Government Treasury;
(ii) Educational degree in original alongwith a photostat copy thereof;
(iii) In the case of a degree in Commerce, a certificate from the head of the institution
attended by the applicant to the effect that the applicant had studied Income Tax Law and
Accounting or Higher Auditing as subjects or part of subjects whether compulsory or
optional for his degree; [-]
(iv) In the case of a degree in Business Administration/Management, a certificate from the
head of the institution attended by the applicant to the effect that the applicant has
studied Advanced Accounting and Income Tax Law as subjects or part of subjects, whether
compulsory or optional, for his degree
[--;]
(v) In the
case of an accounting examination referred to in clause (b) of sub-rule (2), the
certificate of having passed such examination;
(vi) A certificate from the Chartered Accountant or Cost and Management Accountant or
Income Tax Practitioner, as the case may be, referred to in clause (c) of sub-rule (2) and
the sub-rule (2A), to the effect that the applicant has satisfactorily worked under his
supervision as an apprentice Income Tax Practitioner for a continuous period of at least
six months; and
(vii) A list of cases which the applicant represented before the Income Tax or Wealth Tax
authorities during the apprenticeship period, duly certified by the Chartered Accountant
or Cost and Management Accountant or Income Tax Practitioner, as the case may be, referred
to in clause (c) or sub-rule (2).
(4) On receipt of an application under sub-rule (1), the Board may make such further
enquiries and call for such further information or evidence as may be deemed necessary.
(5) If the Board is satisfied that the persons should be registered as an Income Tax
Practitioner within the meaning of section 157, it shall cause his name to be entered in a
register to be maintained for the purpose in the Board’s office and the fact of such
entry shall be communicated to him, to the Commissioner of Income Tax and to the Income
Tax Appellate Tribunal.
(6) The Commissioner may disqualify any Income Tax Practitioner who has been found guilty
of mis-conduct in his professional capacity, on receipt of a complaint in writing by any
person including any Income Tax authority, and accompanied with affidavits and other
documents wherever necessary.
(7) On receipt of the complaint the Commissioner shall fix a date, hour and place for
enquiry which shall not be later than twenty one days from the receipt of the complaint.
(8) Within seven days of the receipt of complaint the Commissioner shall serve a notice
alongwith the copies of the complaint and affidavits or other documents to the Income Tax
Practitioner concerned informing him of the date, hour and place for inquiry.
(9) If at the date fixed for enquiry it appears that the notice and copies of the
affidavits and documents referred to in sub-rule (8) have not been served as provided
therein, the Commissioner shall adjourn the enquiry to a date then to be fixed and may
direct that the said notice and copies shall be served by registered post or other wise as
he may deem fit.
(10) Not less than two days before the date or adjourned date fixed for enquiry the Income
Tax Practitioner concerned shall send to the Commissioner an explanation in writing signed
by himself and any affidavit intended to be used in his behalf.
(11) On the date or adjourned date fixed for enquiry the complainant shall submit to the
Commissioner any affidavit or affidavits in reply intended to be used at the inquiry.
(12) The Commissioner may adjourn the enquiry from time to time to a date and place to be
fixed at the time of adjournment and may make such order and give such direction in regard
to the enquiry and all matters relating thereto as he may think fit.
(13) On the date or adjourned date fixed for the enquiry the Commissioner may-
(a) hear and determine the matter upon the affidavit and other documents, if any, filed as
aforesaid, and for such purpose may in that directions allow the complainant and the
concerned Income Tax Practitioner to be cross-examined on their affidavits; or
(b) hear and determine the matter upon oral evidence.
(14) If the Commissioner decides to hear oral evidence, the procedure generally and as far
as practicable shall be that which is followed at hearing of suits by Civil Courts,
provided that the record or oral evidence shall be kept in such manner as Commissioner may
direct, and if a shorthand writer is employed to take down such evidence the transcript of
his notes shall be record of deposition of the witnesses.
(15) The finding of the Commissioner shall be in writing.
(16) Generally and so far as may be, the Commissioner shall observe procedure prescribed
by the Code of Civil Procedure, 1908.
