Income Tax Ordinance, 2001 — Section 94: Principles of taxation of companies

94. Principles of taxation of companies.- (1) A company shall be liable to tax separately from its shareholders.

(2)A dividend paid by a 3[ ] company shall be taxable in accordance with Section 5. 4[ ] “(4)An association of persons referred to in sub-section (3) shall furnish a return of total income for each tax year. 1 Sub-section (5) omitted by the Finance Act, 2007. The omitted sub-section (5) read as follows: “(5) Sections 114, 118 and 119 shall apply to a return of total income required to be furnished under sub-section (4).” Chapter V – Provisions Governing Persons