Exemptions other than Covered in Respective Chapters Chapter- 20
(3) REDUCTION IN TAX LIABILITY (OTHER THAN SPECIFIED IN RESPECTIVE CHAPTERS)
FROM TOTAL INCOME [PART III OF 2ND SCHEDULE]
- Currency devaluation/revaluation for petroleum and mineral business [U/C 2] – omitted by
Finance Act, 2021
The amount of tax payable, in a year in which the rupee is revalued or devalued, by a taxpayer
whose profits or gains are computed in accordance with the rules contained in the Fifth Schedule to
this Ordinance and who had entered with the Government into an agreement which provides for such
reduction, shall be reduced to the amount that would be payable in the absence of the revaluation or
devaluation of the rupee. - Old and used automotive vehicles [U/C 4 ]
In respect of old and used automotive vehicles, tax under section 148 shall not exceed the amount
specified in Notification No. S.R.O. 577(I)/2005, dated the 6th June, 2005.