Deduction / Payment of Tax Chapter- 23
7) The bonds shall be accepted by the banks as collateral.8) There shall be no compulsory deduction of Zakat against bonds and Sahib-e-Nisab may pay Zakat
voluntarily according to Shariah.9) After period of maturity, the company shall return the promissory note to the Board and the
Board shall make the payment of amount due under the bonds, along with profit due, to the bond
holders.10) The bonds shall be redeemable in the manner as in sub-section (9) before maturity only at the
option of the Board along with simple profit payable at the time of redemption in the light
of general or specific policy to be formulated by the Board.11) The refund under sub-section (1) shall be paid in the aforesaid manner to the claimants who
opt for payment in such manner.12) The Federal Government may notify procedure to regulate the issuance, redemption and
other matters relating to the bonds, as may be required.- Reduction in default surcharge, consequential to reduction in tax or penalty [Section 205A]
Where, in consequence of any order made under this Ordinance, the amount of tax or penalty in
respect of which default surcharge chargeable is reduced, the default surcharge, if any, levied under
the aforesaid section shall be reduced accordingly.
REGISTRATION OF INCOME TAX PRACTITIONERS
Application of Chapter XIV [Rule 84] This chapter applies for the purposes of section 223, which
provides for the registration and regulation of income tax practitioners.
Application for registration as an income tax practitioner [Rule 85]
(1) A person satisfying the requirements in rule 86 and desiring to be registered as an income tax
practitioner shall make an application to the Director-General, Regional Tax Office in the form
specified in Part X of the First Schedule to these rules.
(2) Every application under this rule shall be accompanied by -
(a) a Treasury receipt for five hundred rupees required to be deposited as a non-refundable
application fee in any Government Treasury; and
(b) such documents, statements and certificates as specified in the form.- Prescribed qualification for registration as an income tax practitioner [Rule 86]
(1) For the purposes of the definition of "income tax practitioner" in section 223(11), a person
applying for registration as an income tax practitioner shall:-
(a) possess one of the following qualifications, namely:-
(i) a degree in Law at least in the second division, a degree in Commerce (with Income
Tax Law and Accounting or Higher Auditing as subjects or parts of subjects,
whether compulsory or optional) or a degree in Business Administration or Business
Management (with Accounting and Income Tax law as subject or parts of subjects,
whether compulsory or optional) conferred by a prescribed institution; or
(ii) a pass in a prescribed accounting examination.
(b) have worked for a continuous period of one year as an apprentice under the supervision
of a chartered accountant, cost and management accountant, legal practitioners entitled
to practice in a civil court in Pakistan or a registered income tax practitioner and having
been registered as a chartered accountant, cost and management accountant, legal
practitioner and income tax practitioner for a period of not less than 10 years.