Tax on profit on debt.
as per our study and Subject to this Ordinance, a tax shall be imposed, at the rate specified in
Division IIIA of Part I of the First Schedule, on every person, other than a company, who receives a profit on debt from any person mentioned in clauses (a) to (d) of sub-section (1)of U/section 151.
on a person, other than a company, who receives a profit on debt shall be computed by applying the relevant rate of tax to the gross amount of the profit on debt.
This also study that section shall not apply to a profit on debt that is exempt from tax under this Ordinance.‖]
