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First Year Allowance Withdrawal For Industrial Undertaking Section 23a

Posted on by Muhammad Waheed Ensari

First Year Allowance Withdrawal For Industrial Undertaking Section 23a

First Year Allowance Withdrawal For Industrial Undertaking Section 23a: Currently, a deduction is allowed as first year allowance to industrial undertaking operating in specified rural areas or manufacturing companies of cellular mobile phones qualifying for exemption under clause (126N) of Part I of the Second Schedule of ITO, 2001 in lieu of initial allowance.

Now Finance Bill 2021 seeks to omit first year allowance granted to such industrial undertakings as mentioned above.

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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