Tax Book 2023

Tax Credits Chapter- 15

Section Rule

Topic covered Topic covered

(Part – 1 For CAF- 6 & ICMAP

students)

Section

65

Miscellaneous provisions relating

to tax credits

(Part – II For CA mod F & ICMAP

students)

103 16 Foreign tax credit 65C

Tax credit for enlistment – Omitted by

FA, 2021

61 Credit for charitable donations 65D

Tax credit for newly established

industrial undertakings – Omitted by FA,

2021

62

Investment in shares & Insurance

• omitted by FA, 2022

65E

Tax credit for industrial undertakings

Established before July 01, 2011

62A

Tax credit for investment in health

insurance - omitted by FA, 2022

65F

Tax credit for certain persons

63 Contribution to approved pension

fund

65G Tax credit for specified industrial

undertakings

64B Tax credit for employment

generation by manufacturers

Table of tax credits under section 6^1 to

65 G

64C

Tax credit for person employing

fresh graduates – Omitted by FA,

2021

Tax reductions for flying and submarine

allowance, total allowance to pilot of

Pakistani airlines, senior citizen or

disabled persons, full time teacher &

researcher & profit on Behbood

certificates etc.

64D

Tax credit for point of sale

machine

168

Tax credit for tax already paid or

deducted at source

88

Tax credit for exempt share from

association of persons

100C

Tax credit for certain persons

65B Tax credit for investment

MCQ’s with solutions

ICMAP & CA Mod C past papers

theoretical questions

(Part – I For CAF- 6 & ICMAP students)

1. Tax credits and rebates

There are different types of tax credit available under the Income Tax Ordinance, 2001. If a taxpayer

is allowed more than one tax credit then credits shall be applied in the following order: The following

order may also be examined from the FBR Income tax return format available on E-portal.

Tax credit Relevant clause / section

( 1 ) Foreign tax credit Section 103

( 2 ) Tax credits [Covered as under from (a) to (k)] Section 61 to 65G

15 Tax credits

Chapter