Amendment in definition of income Clause 29 of Section 2
Amendment in definition of income Clause 29 of Section 2: Currently income of members of Stock Exchange from sales and purchase of shares is subject to collection of advance tax under section 233A.
Now Finance Bill proposes to omit the requirement of collection of advance tax under section 233A, As the definition of income given in clause 29 of section 2 of income tax ordinance 2001 contain reference to the said section of law (233A) therefore finance bill proposes to remove the reference of said section in definition of income.
This is just a corresponding change in clause 29 pursuant to change proposed in section 233A.
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