CAF-2 · Chapter 11 · Question 14 of 15
According to Section 54 of the Income Tax Ordinance, 2001, if any other general law in Pakistan provides for an exemption from income tax, what is its legal effect?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) B) It has no legal effect unless it is also specifically provided for within the Income Tax Ordinance, 2001.
Explanation
No provision contained in any other law providing for an exemption or reduction in tax liability shall have legal effect unless it is also provided for in the Income Tax Ordinance, 2001.
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