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Ex-presidents to be exempted from income tax
The government has decided to give an exemption from income tax to former presidents on their pensions under this fiscal years budget. Under the proposed finance bill, a clause has been inserted in the Income Tax Ordinance, 2001, that seeks to exempt former presidents from income tax on their pensions. The facility will also be available to the widow of a former president. Proposed clause 38(v) in the second schedule of the Income Tax Ordinance, 2001, seeks to exempt the pension of a former president of Pakistan and his widow under Pension Fund Act 1974. The major beneficiaries under the proposed amendment shall include former presidents Farooq Ahmed Khan Leghari and Rafiq Tarar.Posted by: Fred 2008-06-13 |
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