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021000
GOVERNMENT OF PAKISTAN (REVENUE DIVISION) CENTRAL BOARD OF REVENUE
Islamabad, the 23rd October, 2002.
NOTIFICATION
(Income Tax)
S.R.O.728 (I)/2002.-
In exercise of the powers conferred by sub-section(2) of section 53 of the
Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to
direct that the following further amendment shall be made in the Second Schedule
to the aforesaid Ordinance, namely:-
In the aforesaid Schedule, in Part I, for clause (99), the following shall be
substituted, namely:-
“(99) Any income derived by a mutual fund or an investment company registered
under the investment Companies and Investment Advisers Rules, 1971, or a unit
trust scheme constituted by an assets management company registered under the
Assets Management Companies Rules, 1995, if not less than ninety percent of its
accounting income of that year, as reduced by capital gains whether realized or
unrealized, is distributed amongst the unit or certificate holders or
shareholders as the case may bees:
Explanation. For the purpose of this clause the expression “accounting income”
means income calculated under the Generally Accepted Accounting Principles and
verified by the auditors.”.
[C.No.1(11)E&C/2002]
(VAKIL AHMAD KHAN)
Member (Direct Taxes)/Additional Secretary
