Under Section 33, 34, 100A, Sixth Schedule, Part II, R4 and Seventh Schedule, R1 is eligible to receive tax on pension fund income under approved pension fund surplus. A pension fund was established through a trust deed for profit. The petition raised by the applicant bank was that it obtained exemption under R4 of Part IIH II of the Sixth Schedule of Income Tax Ordinance 2001 and the income of the additional applicant bank under the Pension Fund could not be considered. Applicant should not be paid under the property. , Received from a taxpayer's income when it was paid and expenses after it was paid, while under accrual base accounting, taxpayers received income when the person paid and earned income and business. Two basic ways of tracking costs: surcharges for cash method and accrual tax purposes were considered taxpayer's income when it was paid to the employer. Accounting was run under R4 of Part II of the Sixth Schedule of Income Tax Ordinance 2001, which created the Income Tax Ordinance Prioritizing the principles under the Seventh Schedule of 2001, the Lower Forum failed to recognize this difference between tax accounting and financial accounting and the accounting procedures on the taxation principles under the Income Tax Ordinance, 2001. Significance was given, since the excess amount was not returned to the bank, so it could not be considered as income of the applicant bank. r \ n
Related judgments — Lahore High Court Lahore, 2014
