April 02, 2008	Wednesday	Rabi-ul-Awwal 24, 1429

KARACHI, April 1: The Towel Manufacturers’ Association of Pakistan (TMA) has taken strong exception to the notices being issued by the income tax authorities to its members for the recovery of Workers Welfare Fund (WWF).

The trade body feels that the law gives export-oriented industry exemption from payment of WWF.

In a press release issued on Tuesday, TMA pointed out that as per Income Tax Ordinance 2001, the export-oriented industry has to file its income tax returns under section 115(4).

Therefore, the levy of WWF on their income under section 115(4) is clearly against the income tax ordinance 2001.