Amendments in Income Tax Rules, 2002

Federal Board of Revenue has proposed some amendments in the Income Tax Rules, 2002 vide SRO. 1119(I)/2010 .These amendments are applicable to Tx year  2010. The text of this SRO is as Below:-

S.R.O. 1119 (I)/2010.- The following draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published, as required under sub-section (3) of the said section, for the information of all persons likely to be affected thereby and notice is hereby given that the draft will be taken into consideration after fifteen days of its publication in the official Gazette.

DRAFT AMENDMENTS
In the aforesaid Rules, in the Second Schedule, in Part IIA, in Annexure A,-

(a) after S. No. 12 and the entries relating thereto, the following new serial numbers and entries relating thereto shall be inserted, namely:-

“13. Machinery and equipment qualifying for 1st year allowance,

14. Computer hardware including printer, monitor and allied items that have been used previously in Pakistan.

15. Any plant or machinery that has been used previously in Pakistan.

16. Any plant or machinery in relating to which a deduction has been allowed under another section for the entire cost of the asset in the tax year in which the asset is acquired; and

(b) S. Nos. 13, 14, 15 and 16 shall be re-numbered to read as S. Nos. 13, 14, 15, 16 and 17 respectively.

2. This notification shall be applicable for the tax year 2010.

Source http://www.fbr.gov.pk/