12-29-2009, 04:36 PM
Through Finance Amended Act,2009 the Federal Government amended the sub section (8) of section 177 of Income Tax Ordinance,2001. Now the ACMA's have the full fledge audit right to conduct income tax audit of any entity. Althogh through ITO,2001 much rights of audit verification and attestation were available but there was a need to amment section 177(8) of Income Tax Ordinance . This section deals with the power of the Board (FBR) regarding appointment of an auditor to conduct the audit of affairs of any person.
Here the word "Person" means as it has been defined under section (80) of ITO,2001.
Definition of "Person" as per ITO,2001, is as follows
The following shall be treated as persons for the purposes of
this Ordinance, namelyâ
(a) An individual;
(b) a company or association of persons incorporated, formed,
organised or established in Pakistan or elsewhere;
(c) the Federal Government, a foreign government, a political subdivision
of a foreign government, or public international
organisation.
See Page No 21 on following link
http://http//www.fbr.gov.pk/legal/2009Fi...inance.pdf
Here the word "Person" means as it has been defined under section (80) of ITO,2001.
Definition of "Person" as per ITO,2001, is as follows
The following shall be treated as persons for the purposes of
this Ordinance, namelyâ
(a) An individual;
(b) a company or association of persons incorporated, formed,
organised or established in Pakistan or elsewhere;
(c) the Federal Government, a foreign government, a political subdivision
of a foreign government, or public international
organisation.
See Page No 21 on following link
http://http//www.fbr.gov.pk/legal/2009Fi...inance.pdf
