Tax credits and deductible allowance eliminated

Tax credits and deductible allowance eliminated

The Finance Act, 2022 has brought about certain amendments in the Income Tax Ordinance, 2001 (the Ordinance, hereafter). Some significant amendments on Tax credits and deductible allowance Eliminated are explained hereunder: –

Elimination of certain tax credits and deductible allowance

Tax credits available to an individual u/s 62 for investment in shares and insurance, u/s 62A for investment in health insurance and deductible allowance u/s 60C for profit on debt have been omitted. Corresponding change in section 149 has also been incorporated accordingly.

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