Income Tax Ordinance, 2001
Income Tax Ordinance, 2001 — Section 73: Rules to prevent double derivation and double deductions
73. Rules to prevent double derivation and double deductions.— (1) For the purposes of this Ordinance, where –
(a)any amount is chargeable to tax under this Ordinance on the basis that it is receivable, the amount shall not be chargeable again on the basis that it is received; or
(b)any amount is chargeable to tax under this Ordinance on the basis that it is received, the amount shall not be chargeable again on the basis that it is receivable.
(2)For the purposes of this Ordinance, where
(a)any expenditure is deductible under this Ordinance on the basis that it is payable, the expenditure shall not be deductible again on the basis that it is paid; or
(b)any expenditure is deductible under this Ordinance on the basis that it is paid, the expenditure shall not be deductible again on the basis that it is payable. 140 Chapter IV – Common Rules PART II TAX YEAR
This is the text of the provision as enacted. It is legal information, not legal advice, and it cannot account for the facts of your own matter. For advice on your situation, consult a verified advocate.