Income Tax Ordinance, 2001 — Section 60B: Workers’ Participation Fund

2[60B. Workers’ Participation Fund.— A person shall be entitled to a deductible allowance for the amount of any Workers’ Participation Fund paid by the person in a tax year in accordance with the provisions of the Companies Profit (Workers’ Participation) Act, 1968 (XII of 1968) 3[or under any law relating to the Workers’ Profit Participation Fund enacted by Provinces after the eighteenth Constitutional amendment Act, 2010: Provided that this section shall not apply in respect of any amount of Workers’ Profit Participation Fund paid to the province by a trans-provincial establishment.] 4 [ ] 5 [ ] 6 [60D. Deductible allowance for education expenses.— (1) Every individual shall be entitled to a deductible allowance in respect of tuition fee paid by the individual in a tax year provided that the taxable income of the individual is less than one 7[and a half]million rupees.

(2)The amount of an individual‘s deductible allowance allowed under sub-section (1) for a tax year shall not exceed the lesser of

(a)five per cent of the total tuition fee paid by the individual referred to in sub-section (1) in the year; Chapter III – Tax on Taxable Income

(b)twenty-five per cent of the person’s taxable income for the year; and

(c)an amount computed by multiplying sixty thousand with number of children of the individual.

(3)Any allowance or part of an allowance under this section for a tax year that is not able to be deducted for the year shall not be carried forward to a subsequent tax year.

(4)Allowance under this section shall be allowed against the tax liability of either of the parents making payment of the feeon furnishing national tax number

(NTN)or name of the educational institution.

(5)Allowance under this section shall not be taken into account for computation of tax deduction under section 149.] PART X TAX CREDITS