Preliminary Chapter- 04(vi) Multi-Unit Co-operative Societies Act, 1942; (vii) Co-operative Development Board Ordinance, 1962;
(viii) Co-operative Farming Act, 1976; (ix) Co-operative Societies (Reforms) Ordinance, 1980; and (x)
Sindh Co-operative Farming Societies."Debt" [Section 2(15)] means any amount owing, including accounts payable and the amounts owing
under promissory notes, bills of exchange, debentures, securities, bonds or other financial instruments;Explanation: It is exclusively defined to mean any amount owing, including accounts payable and the
sums owing under promissory notes, bills of exchange, debentures, securities, bonds and other financial
instruments.The various terms used in this definition clause are defined in their respective law as under:Section 4 of Negotiable Instruments Act, 1881: "Promissory not" - A "promissory note" is an
instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking,
signed by the maker, to pay on demand or at a fixed or determinable future time a certain sum of money
only to, or to the order of, a certain person, or to the bearer of the instrument.
Section 5 of Negotiable Instruments Act, 1881: "Bill of exchange" - A "bill of exchange" is an
instrument in writing containing an unconditional order, signed by the maker, directing a certain person to
pay on demand or at a fixed or determinable future time a certain sum of money only to, or to the order of, a
certain person or to the bearer of the instrument.An order to pay out of a particular fund is not unconditional within the meaning of this section; but an
unqualified order to pay, coupled with-
(a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular
account to be debited to the amount, or
(b) a statement of the transaction which gives rise to the note or bill, is unconditional.
Where the payee is a fictitious or non-existing person the bill of exchange may be treated as payable to
bearer.Section 2(a) of the Securities Act of 1920: "security - means a marketable deed or document that
endeavours to secure against pecuniary loss, e.g., bearer bonds, stock certificates, treasury bills etc.
Currency notes are not covered under this definition.Section 2(34) of the Companies Ordinance, 1984: "security' - means any share, scrip, debenture,
participation term certificate, modaraba certificate, musharika certificate, term finance certificate bond, pre-
organization certificate or such other instrument as the Federal Government may, by notification in the
official gazette, specify for the purpose.
Section 2(12) of the Companies Ordinance, 1984: "Debenture" - includes debenture stock, bonds, term
finance certificates and any other securities, other than a share of company, whether constituting a charge
on the assets of the company or not."Deductible allowance" [U/s 2(16)] means an allowance that is deductible from total income;Explanation: This definition has been introduced with reference to specific deductions for Zakat and
Workers' Welfare Fund (WWF).
"Depreciable asset" [U/s 2(17)] "depreciable asset" means any tangible movable property, immovable
property (other than unimproved land), or structural improvement to immovable property, owned by a person
that -
(a) has a normal useful life exceeding one year;(b) is likely to lose value as a result of normal wear and tear, or obsolescence; and
(c) is used wholly or partly by the person in deriving income from business chargeable to tax,