ISLAMABAD, Aug 1: The Central Board of Revenue has amended the income tax rules 2002 for assessment of tax liability of non-profit organisations. The amendments to the rules were notified through an income tax notification SRO774 of 2006 issued here on Tuesday.

According to amendments, in rule 211, for sub-clause (iii), the following shall be substituted, namely: (iii) in other cases, a chartered accountant as defined under the Chartered Accountants Ordinance, 1960 (x of 1960) or a cost and management accountant as defined under the Cost and Management Accountants Act, 1966 (XIV of 1966) or a firm of chartered accountants as defined under the Chartered Accountants Ordinance, 1960 (X of 1960) or a firm of cost and management accountants as defined under the Cost and Management Accountants Act, 1966 (XIV of 1966).

In rule 213, in sub-rule (1), for clause (i), the following shall be substituted, namely: (i) for restricting the surpluses or monies validly set apart, excluding restricted funds, up to 25 per cent of the total income of the year: Provided that such surpluses or monies set apart are invested in government securities, NIT units, a collective investment scheme authorised or registered under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003; mutual fund, a real estate investment trust approved and authorised under the Real Estate Investment Trust Rules, 2006, or scheduled banks.