Preliminary Chapter- 04
(c) Any movable property held for personal use by the person or any member of the person’s family
dependent on the person but including the following as stated in section 38(5):
A painting, sculpture, drawing or other work of art, Jewellery, a rare manuscript, folio or book, a postage
stamp or first day cover, a coin or medallion; or an antique.
"Charitable purpose" [U/s 2(11A)] includes relief of the poor, education, medical relief and the
advancement of any other object of general public utility;
"Chief Commissioner Inland Revenue" [U/s 2(11B)] means a person appointed as Chief Commissioner
Inland Revenue u/s208 and includes a Regional Commissioner of Income Tax and a Director-General of
Income Tax and Sales Tax;
Explanation: This definition was inserted after merger of income tax, sales tax and federal excise into one
unified Inland Revenue Service and after this insertion, consequently, the definition of "Regional
Commissioner" appearing in u/s 2(46A) was deleted.
"Collective investment scheme" [U/s 2(11C)] “Collective Investment Scheme means a closed end fund
and open-end scheme” as assigned under the Non-Banking Finance Companies (Establishment and
Regulation) Rules, 2003;
Explanation: “Closed End Fund” means an investment Company or a closed end scheme;
“Open end Scheme” means a scheme constituted by way of a trust deed that continuously offer for sale
its units as specified in the constituted document that entitle the holder of such units on demand to receive
his proportionate share of net assets of the scheme less any applicable charges.
"Company" [U/s 2(12)] "company" means -
(i) a company as defined in the Companies Ordinance, 1984;
(ii) a body corporate formed by or under any law in force in Pakistan;
(iii) a modaraba;
(iv) a body incorporated by or under the law of a country outside Pakistan relating to incorporation of
companies;
(v) a co-operative society, a finance society or any other society;
(va) a non-profit organization
(vb) a trust, an entity or a body of persons established or constituted by or under any law for the time
being in force;
(vi) a foreign association, whether incorporated or not, which the Board has, by general or special order,
declared to be a company for the purposes of this Ordinance;
(vii) a Provincial Government;
(viii) a Local Government in Pakistan; or
(ix) a Small Company;
Explanation: This is a referral definition adopting the same meaning as given in section 80. For the
interpretation of the expressions "formed by" or "under any law" see (2000) 82 TAX 52 (H.C.Lah.) = 2000
PTD 3388. A company is defined in the Companies Ordinance, 1984, as under:
"company" means a company formed and registered under this Ordinance or an existing company;
"Commissioner Inland Revenue" [U/s 2(13)] means a person appointed as Commissioner Inland
Revenue and includes any other authority vested with all or any of the powers and functions of the CIR;
Explanation: The nomenclature of Commissioner Inland Revenue has been changed as a consequence of
merger of income tax, sales tax and federal excise into Inland Revenue Service.