ISLAMABAD, Dec 8: The Central Board of Revenue on Thursday notified further amendment in the second schedule of Income Tax Ordinance, 2001 vide SRO1205(I)/2005 dated December 6, 2005.
The text of notification reads: “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 said ordinance, namely:
In the aforesaid schedule, in Part IV, after clause (42) the following new clause shall be inserted, namely:
“(42A) the provisions of sub-section (6) of section 153 shall not apply in respect of payments received by a person for supply of relief goods for earthquake victims against funds from the President’s Relief Fund for Earthquake Victims 2005, or any other such source of the government or the purchases made by approved voluntary non-profit organizations or welfare bodies for the aforesaid purpose.”—APP
