Following is the remaining text of Finance Bill

(iii) Where the value of immovable property is a constructed property Rs. 10 per square feet of the constructed area in addition to the value worked out above.

(b) residential flats of any size situated in urban area- (i) Where the value of immovable property is recorded (ii) Where the value of the immoveable property is not recorded.

2% of the recorded value.

One hundred rupees per square feet of the covered areas of the immovable property;

Which- ever is higher.

c) commercial immovable property of any size situated in an urban areas -

(i) Where the value of immovable property is recorded (ii) Where the value of the 2% of the recorded value of the landed area One hundred rupees per Which- ever is higher immoveable property is not recorded. square feet of the landed area (iii) Where the immoveable property is a constructed property Ten rupees per square feet of the constructed area in addition to the value worked out above.; (ii) after clause

(E), the following shall be added, namely:-

(F) purchase of shares of a public company listed on a registered stock exchange in Pakistan 0.01% of the purchase value and (d) in sub-section (4), in the last proviso, for the words modaraba certificates or any instrument of redeemable capital or shares of a public company from the resident persons, the words shares of a public company shall be substituted.

8. Amendments of the Sales Tax Act, 1990.- In the Sales Tax Act, 1990 the following further amendments shall be made, namely:-

(1) for section 11, the following shall be substituted, namely:-

"11. Assessment of Tax and recovery of tax not levied or short- levied or erroneously refunded. (1) Where a person who is required to file a tax return fails to file the return for a tax period by the due date or pays an amount which, for some miscalculation is less than the amount of tax actually payable, an Officer of Inland Revenue shall, after a notice to show cause to such person, make an order for assessment of tax, including imposition of penalty and default surcharge in accordance with section 33 and 34:

Provided that where a person required to file a tax return files the return after the due date and pays the amount of tax payable in accordance with the tax return along with default surcharge and penalty, the notice to show cause and the order of assessment shall abate.

(2) Where a person has not paid the tax due on supplies made by him or has made short payment or has claimed input tax credit or refund which is not admissible under this Act for reasons other than those specified in sub-section (1), an Officer of Inland Revenue shall, after a notice to show cause to such person, make an order for assessment of tax actually payable by that person or determine the amount of tax credit or tax refund which he has unlawfully claimed and shall impose a penalty and charge default surcharge in accordance with section 33 and 34.

(3) Where by reason of some collusion or a deliberate act any tax or charge has not been levied or made or has been short-levied or has been erroneously refunded, the person liable to pay any amount of tax or charge or the amount of refund erroneously made shall be served with a notice requiring him to show cause for payment of the amount specified in the notice.

(4) Where, by reason of any inadvertence, error or misconstruction, any tax or charge has not been levied or made or has been short-levied or has been erroneously refunded, the person liable to pay the amount of tax or charge or the amount of refund erroneously made shall be served with a notice requiring him to show cause for payment of the amount specified in the notice:

Provided that, where a tax or charge has not been levied under this sub-section, the amount of tax shall be recovered as tax fraction of the value of supply.

(5) No order under this section shall be made by an Officer of Inland Revenue unless a notice to show cause is given within five years, of the relevant date, to the person in default specifying the grounds on which it is intended to proceed against him and the officer of Sales Tax shall take into consideration the representation made by such person and provide him with an opportunity of being heard:

Provided that order under this section shall be made within one hundred and twenty days of issuance of show cause notice or within such extended period as the Commissioner may, for reasons to be recorded in writing, fix provided that such extended period shall in no case exceed ninety days:

Provided further that any period during which the proceedings are adjourned on account of a stay order or Alternative Dispute Resolution proceedings or the time taken through adjournment by the petitioner not exceeding sixty days shall be excluded from the computation of the period specified in the first proviso.

(6) Notwithstanding anything in sub-section (1), where a registered person fails to file a return, an officer of Inland Revenue not below the rank of Assistant Commissioner shall subject to such conditions as specified by the Federal Board of Revenue, determine the minimum tax liability of the registered person.

(7) For the purpose of this section, the expression "relevant date" means-

(a) the time of payment of tax or charge as provided under section 6; and

(b) in a case where tax or charge has been erroneously refunded, the date of its refund.

(2) section 36 shall be omitted;

(3) in the Fifth Schedule, in column (1), serial number 4 and the entry relating thereto in column (2) shall be omitted;

(4) in the Sixth Schedule, (a) in Table-I,- (i) against serial number 1 in column (1), in column (3),-

(a) for PCT heading 0101.1000, the PCT headings 0101.2100 and 0101.3100 shall be substituted;

(b) for PCT heading 0102.1020, the PCT heading 0102.2110 shall be substituted;

(c) for PCT heading 0102.1030, the PCT heading 0102.2120 shall be substituted;

(d) for PCT heading 0102.1040, the PCT heading 0102.2130 shall be substituted;

(e) for PCT heading 0102.1090, the PCT heading 0102.2190 shall be substituted;

(f) for PCT heading 0102.9010, the PCT heading 0102.3900 shall be substituted;

(g) for PCT heading 0102.9020, the PCT heading 0102.2910 shall be substituted;

(h) for PCT heading 0102.9030, the PCT heading 0102.2920 shall be substituted;

(i) for PCT heading 0102.9040, the PCT heading 0102.2930 shall be substituted; and

(j) for PCT heading 0102.9090, the PCT headings 0102.2990, 0102.9000 shall be substituted;

(ii) against serial number 11 in column (1), in column (3),-

(a) for PCT heading 0407.0010, the PCT headings 0407.1100, 0407.1900 shall be substituted; and (b) for PCT heading 0407.0090, the PCT headings 0407.2100, 0407.2900 shall be substituted;

(iii) against serial number 15 in column (1), in column (3), for PCT heading 0808.2000, the PCT headings 0808.3000, 0808.4000 shall be substituted;

(iv) against serial number 16 in column (1), in column (3),-

(a) for PCT heading 0904.2010, the PCT heading 0904.2110 shall be substituted; and

(b) for PCT heading 0904.2020, the PCT heading 0904.2210shall be substituted; and

(v) against serial number 31 in column (1), in column (3),-

(a) for PCT heading 8523.4010, the PCT heading 8523.4910shall be substituted;

(b) for PCT heading 8523.4030, the PCT heading 8523.4920 shall be substituted; and

(c) for PCT heading 8523.4090, the PCT heading 8523.4190 shall be substituted;

(b) in Table-II, (i) against serial number 2 in column (1), in column (2), after the word seed, the words other than cotton seed shall be inserted;(ii) after serial number 11 and the entries relating thereto in columns (2) and (3), the following new serial number and the entries relating thereto shall be added, namely:-

12. Supplies against international tender Respective headings.

9. Amendment of Act XVII of 1996.- In the Pakistan Telecommunication (Re-organization) Act, 1996 (XVII of 1966), the following further amendments shall be made, namely:-

a) after section 23, the following new section shall be inserted, namely:-

23A. Fines and penalties to be credited to the Federal Consolidated

Fund.- All fines and penalties recovered by the Authority shall be credited to the Federal Consolidated Fund. .

10. Amendment of Act of XL of 1997.- In the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 (XL of 1997), the following further amendments shall be made, namely:- a) in section 13, after sub-section (1), the following new sub-section shall be added, namely:-

(2) Any surplus of receipts over the actual expenditure in a year after payment of tax, shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up by the Federal Government. and b) in section 29, the existing section shall be re-numbered as sub-section (1) of that section and after sub-section (1) , re-numbered as aforesaid, the following new sub-section shall be added, namely:- (2) All penalties and fines recovered by the Authority shall be credited to the Federal Consolidated Fund..

11. Amendment of Act XLII of 1997.- In the Securities and Exchange Commission Act, 1997 (XLII of 1997), the following amendments shall be made, namely:- a) in section 24, after sub section (3), the following new sub-section shall be inserted, namely:-

(3A) Any surplus of receipts over the actual expenditure in a year, after payment of tax, shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up by the Federal Government and b) after section 40A, the following new section shall be inserted, namely:- 40AA. Fines and penalties to be credited to the Federal Consolidated Fund.- All fines and penalties recovered by the Commission shall be credited to the Federal Consolidated Fund..

12. Amendment of Ordinance of III of 2001.- In the Pakistan Nuclear Regulatory Authority Ordinance, 2001 (III of 2001), the following further amendments shall be made, namely:-

a) in section 42, the existing section shall be re-numbered as sub-section

(1) of that section and after sub-section (1), re-numbered as aforesaid, the following new sub-section shall be inserted, namely:-

(2) Any surplus of receipts over the actual expenditure in a year, after payment of tax, shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up by the Federal Government. and b) in section 44, after sub-section (4), the following new sub-section shall be added, namely:-

(5) All penalties and fines recovered by the Authority shall be credited to the Federal Consolidated Fund..

13. Amendment of Ordinance, XLIX of 2001.- In the Income Tax Ordinance, 2001 (XLIX of 2001), the following further amendments shall be made, namely:-

(1) in section 2, - (a) after clause (35A), the following new clause shall be inserted, namely:-

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(35AA) NCCPL means National Clearing Company of Pakistan Limited, which is a company incorporated under the Companies Ordinance, 1984 (XLVII of 1984) and licensed as Clearing House by the Securities and Exchange Commission of Pakistan; and (2) in section 9, after the word income, occurring for the second time, the expression under clause (a) of section 10 shall be inserted; (3) in section 10, for the words person's income under each of the heads of income for the year a hyphen shall be substituted and thereafter the following clauses shall be added, namely:- (a) Person's income under all heads of income for the year; and

(b) person's income exempt from tax under any of the provisions of this

Ordinance. (4) in section 13,- (a) in sub-section (7), in the proviso, for full stop at the end a colon shall be substituted and thereafter the following new proviso shall be added, namely:-

Provided further that the above sub-section shall not apply to loans not exceeding five hundred thousand rupees. and (b) in sub-section (14), in clause (a), in sub-clause (ii), for the words and commas such rate, if any, as the Federal Government may, by notification, specify the words ten per cent per annum shall be substituted; (5) in section 37,-

(a) after sub-section (1), the following new sub-section shall be inserted, namely:-

(1A) Notwithstanding anything contained in sub-sections

(1) and (3), gain arising on the disposal of immovable property, held for a period up to two years, by a person in a tax year, shall be chargeable to tax in that year under the head Capital Gains at the rates specified in Division VIII of Part I of the First Schedule. and

(b) in sub-section (5),- (i) in clause (b), after semicolon the word or shall be added; and (ii) clause (c) shall be omitted; (6) in section 37A,-

(a) in sub-section (1), after the word year, occurring for the first time, the comma and words , other than a gain that is exempt from tax under this Ordinance shall be inserted; and

(b) after sub-section (1), the following new sub-section shall be added namely.-

(1A) The gain arising on the disposal of a security by a person shall be computed in accordance with the following formula, namely:-

A - B Where -

A is the consideration received by the person on disposal of the security; and

B is the cost of acquisition of the security.

(7) in section 39, in sub-section (1), after clause (c), the following new clause shall be inserted, namely:- (cc) additional payment on delayed refund under any tax law;

(8) in section 53, sub-section (1A) shall be omitted; (9) in section 59A,-

(a) sub-sections (1) and (2) shall be omitted;

(b) in sub-section (3), for the words, figures, commas and brackets, to which sub-section (3) of section 92 does not apply, any loss for such association the words any loss shall be substituted; and (c) in sub-section (4), the words, figures, comma and brackets to which sub-section (3) of section 92 does not apply, shall be omitted;

(10) in section 62,- (a) in sub-section (2),- (i) in clause (b), for the word fifteen, the word twenty shall be substituted; and (ii) in clause (c), for the words five hundred thousand rupees the words one million rupees shall be substituted; and

(b) in sub-section (3), in clause (b), for the word thirty six the word twenty-four shall be substituted; 

(11) in section 65B,-

(a) in sub-section (1), after the word payable, the commas and the words , including on account of minimum tax and final taxes payable under any of the provisions of this Ordinance, shall be inserted; and (b) for sub-sections (4) and (5), the following shall be substituted, namely:-

(4) The provisions of this section shall apply mutatis mutandis to a company setup in Pakistan before the first day of July, 2011, which makes investment during first day of July, 2011 and 30th day of June, 2016, for the purposes of balancing, modernization and replacement of the plant and machinery already installed in an industrial undertaking owned by the company. However, credit equal to twenty per cent of the amount so invested shall be allowed against the tax payable, including on account of minimum tax and final taxes payable under any of the provisions of this Ordinance. The credit shall be allowed in the year in which the plant and machinery in the purchase of which the investment as aforesaid is made, is installed therein..

(5) Where no tax is payable by the taxpayer in respect of the tax year in which such plant or machinery is installed, or where the tax payable is less than the amount of credit as aforesaid, the amount of the credit or so much of it as is in excess thereof, as the case may be, shall be carried forward and deducted from the tax payable by the taxpayer in respect of the following tax year and so on, but no such amount shall be carried forward for more than two tax years in the case of investment referred to in sub-section (1) and for more than five tax years in respect of investment referred to in sub-section (4), however, the deduction made under this section shall not exceed in aggregate the limit specified in sub-section (1) or sub-section (4), as the case may be.

(6) Where any credit is allowed under this section and subsequently it is discovered by the Commissioner Inland Revenue that any one or more of the conditions specified in this section was, or were, not fulfilled, as the case may be, the credit originally allowed shall be deemed to have been wrongly allowed and the Commissioner, notwithstanding anything contained in this Ordinance, shall re-compute the tax payable by the taxpayer for the relevant year and the provisions of this Ordinance shall, so far as may be, apply accordingly.

(12) in section 65D,-

(i) in sub-section (1),- (a) for the words for manufacturing in Pakistan the words including corporate dairy farming shall be substituted;

(b) after the words a new industrial undertaking, occurring for the second time, the words including a corporate dairy farm shall be inserted; and (c) after the word payable the commas and the words, including on account of minimum tax and final taxes payable under any of the provisions of this Ordinance, shall be inserted;

(ii) in sub-section (2),- (a) in clause (d), for the words and full stop owned by the company. the words and semicolon raised through issuance of new shares for cash consideration; shall be substituted; and (b) after clause (d), amended as aforesaid, the following proviso, shall be added, namely:-Provided that short term loans and finances obtained from banking companies or non-banking financial institutions for the purposes of meeting working capital requirements shall not disqualify the taxpayer from claiming tax credit under this section..

(iii) sub-section (3) shall be omitted; (iv) in sub-section (4)

(a) for the word condition the word conditions shall be substituted;

(b) for the word was the word were shall be substituted; and

(c) after sub-section (4), the following new sub-section shall be added, namely:-

(5) For the purposes of this section and sections 65B and 65E an industrial undertaking shall be treated to have been setup on the date on which the industrial undertaking is ready to go into production, whether trial production or commercial production.

(13) in section 65E,-  (a) for sub-section (1), the following shall be substituted, namely:-

(1) Where a taxpayer being a company, setup in Pakistan before the first day of July, 2011, invests any amount, with hundred per cent new equity raised through issuance of new shares, in the purchase and installation of plant and machinery for an industrial undertaking, including corporate dairy farming, for the purposes of-

(i) expansion of the plant and machinery already installed therein; or  (ii) undertaking a new project, a tax credit shall be allowed against the tax payable in the manner provided in sub-section (2) and sub-section (3), as the case may be, for a period of five years beginning from the date of setting up or commencement of commercial production from the new plant or expansion project, whichever is later.;

(b) for sub-sections (2), (3) and (4) the following shall be substituted, namely:-

(2) Where a taxpayer maintains separate accounts of an expansion project or a new project, as the case may be, the taxpayer shall be allowed a tax credit equal to one hundred percent of the tax payable, including minimum tax and final taxes payable under any of the provisions of this Ordinance, attributable to such expansion project or new project.

(3) In all other cases, the credit under this section shall be such proportion of the tax payable, including minimum tax and final taxes payable under any of the provisions of this Ordinance, as is the proportion between the new equity and the total equity including new equity.

(4) The provisions of sub-section (1) shall apply if the plant and machinery is installed at any time between the first day of July, 2011 and the 30th day of June, 2016.

(5) The amount of credit admissible under this section shall be deducted from the tax payable, including minimum tax and final taxes payable under any of the provisions of this Ordinance, by the taxpayer in respect of the tax year in which the plant or machinery referred to in sub-section (1) is installed and for the subsequent four years.; and

(c) the existing sub-section (5), shall be re-numbered as sub-section (6) of that section and after sub-section (6), re-numbered as aforesaid, the following new sub-section shall be added, namely:- (7) For the purposes of this section, ‗new equity‘ means equity raised through fresh issue of shares against cash by the company and shall not include loans obtained from shareholders or directors:

Provided that short term loans and finances obtained from banking companies or non-banking financial institutions for the purposes of meeting working capital requirements shall not disqualify the taxpayer from claiming tax credit under this section.;

(14) in section 76, after sub-section (10), the following new sub-section shall be added, namely:- (11) Notwithstanding anything contained in this section, the Board may prescribe rules for determination of cost for any asset.;

(15) in section 77, after sub-section (5), the following new sub-section shall be added, namely:-  (6) Notwithstanding anything contained in this section, the Board may prescribe rules for determination of consideration received for any asset. (16) after section 100A, the following new section, shall be inserted, namely:- 100B Special provision relating to capital gain tax.- (1) Capital gains on disposal of listed securities and tax thereon, subject to section 37A, shall be computed, determined, collected and deposited in accordance with the rules laid down in the Eighth Schedule.

(2) The provisions of sub–section (1) shall not apply to the following persons or class of persons, namely:-  (a) a mutual fund;

(b) a banking company, a non-banking finance company, and an insurance company subject to tax under the Fourth Schedule; (c) a modaraba; (d) a “foreign institutional investor being a person registered with NCCPL as a foreign institutional investor; and (e) any other person or class of persons notified by the Board.;

(17) in section 101, in sub-section (6), for the words and full stop “paid by a resident company. a hyphen shall be substituted and thereafter the following clauses shall be added, namely:- (a) paid by a resident company; or (b) dividend as per provisions of sub-clause (f) of clause (19) of section 2.;

(18) in section 113, after sub-section (1), the following shall be added, namely:-

“Explanation.- For the purpose of this sub-section, the expression “tax payable or paid does not include tax already paid or payable in respect of deemed income which is assessed as final discharge of the tax liability under section 169 or under any other provision of this Ordinance.;

(19) in section 114, in sub-section (6),-

(a) in clause (a), the word “and shall be omitted;

(b) in clause (b), for the full stop a semicolon and the word “and shall be substituted and thereafter the following new clause shall be added, namely:-

“(c) taxable income declared is not less than and loss declared is not more than income or loss, as the case may be, determined by an order issued under sections 121, 122, 122A, 122C, 129, 132, 133 or 221:

Provided that if any of the above conditions is not fulfilled, the return furnished shall be treated as an invalid return as if it had not been furnished.;

(20) in section 120, in sub-section (6), for the words “end of the financial year in which return was furnished the word “expiry of one hundred and eighty days from the end of the financial year in which return was furnished shall be substituted;

(21) in section 121, in sub-section (1), after the words “tax due thereon the words and commas “and the assessment, if any, treated to have been made on the basis of return or revised return filed by the taxpayer shall be of no legal effect shall be inserted.

(22) in section 122,- (a) in sub-section (1),- (i) after the figure “121 the comma and words “, or issued under section 122C shall be inserted; and (ii) the words, commas and the figures “issued under section 59, 59A, 62, 63 or 65 of the repealed Ordinance shall be omitted; and (b) in sub-section (5A), after the word “may a comma shall be inserted and thereafter the words and commas “after making, or causing to be made, such enquiries as he deems necessary, shall be inserted.

(23) in section 122C, in sub-section (2), in the proviso,- (i) after the words “the person the words “being an individual or an association of persons shall be inserted; and (ii) after the existing proviso, amended as aforesaid, the following new proviso shall be added, namely:-

“Provided further that the provisions of sub-section (2) shall not apply to a company if return of income tax alongwith audited accounts or final accounts, as the case may be, for the relevant tax year are filed by the company electronically during the said period of sixty days.;

(24) in section 127, in sub-section (1), for the words “a provisional the word “an shall be substituted;

(25) in section 128, after sub-section (1), the following new sub-section shall be inserted, namely:- “(1A) Where in a particular case, the Commissioner (Appeals) is of the opinion that the recovery of tax levied under this Ordinance, shall cause undue hardship to the taxpayer, he, after affording opportunity of being heard to the Commissioner against whose order appeal has been made, may stay the recovery of such tax for a period not exceeding thirty days in aggregate.;

(26) in section 129, sub-sections (5), (6) and (7) shall be omitted;

(27) in section 130,-

(a) in sub-section (4),-  (i) in clause (a), after the words “Inland Revenue the word “Service shall be inserted; and (ii) in clause (b), for the word “five the word “three shall be substituted; and (b) in sub-section (5), for the words and commas “and, except in special circumstances, the person appointed should be a judicial member shall be omitted; (28) in section 131, in sub-section (5), for the first, second and third provisos the following shall be substituted, namely:-

“Provided that if on filing of application in a particular case, the Appellate Tribunal is of the opinion that the recovery of tax levied under this Ordinance and upheld by the Commissioner (Appeals), shall cause undue hardship to the taxpayer, the Tribunal, after affording opportunity of being heard to the Commissioner, may stay the recovery of such tax for a period not exceeding one hundred and eighty days in aggregate:

Provided further that in computing the aforesaid period of one hundred and eighty days, the period, if any, for which the recovery of tax was stayed by a High Court, shall be excluded.;

(29) in section 137, in sub-section (2), in the proviso, for full stop at the end a colon shall be substituted and thereafter the following new proviso shall be added, namely:-

“Provided further that the taxpayer may pay the tax payable prior to expiry of the period of sixty days specified in the first proviso. ;

(30) in section 148,- (a) in sub-section (7), after the word “tax, occurring for the first time, the words “required to be shall be inserted; and (b) in sub-section (8), after the word “tax, occuring for the first time, the words “required to be shall be inserted;

(31) in section 151, in sub-section (3), for the word “deducted, the word “deductible shall be substituted; (32) in section 152,-

(a) after sub-section (1AA), the following new sub-section shall be inserted, namely:-

“(1AAA)Every person making a payment for advertisement services to a non-resident media person relaying from outside Pakistan shall deduct tax from the gross amount paid at the rate specified in Division IIIA of Part III of the First Schedule.;

(b) in sub-section (2), after the brackets, figure and letters “(1AA) the comma, brackets, letter, words and figure “, (1AAA) or (2A) shall be inserted;

(c) after sub-section (2), amended as aforesaid, the following new sub-section shall be inserted, namely:-

“(2A) Sub-section (1AA) shall not apply to an amount, with the written approval of the Commissioner, that is taxable to a permanent establishment in Pakistan of the non-resident person.

(d) in sub-section (1B), for the word “deducted the word “deductible shall be substituted;

(e) in sub-section (1BB), for the word “deducted the word “deductible shall be substituted; and (f) in sub-section (3), in clause (a), the figure and comma “153, shall be omitted;

(33) in section 153,- (a) in sub-section (1), the words “permanent establishment in Pakistan of a non-resident person shall be omitted;

(b) in sub-section (3),- (i) for the word “deducted the word “deductible shall be substituted; and (ii) the words “permanent establishment in Pakistan of a non-resident person shall be omitted; (iii) in the proviso, in clause (b), for the word “deducted the word “deductible shall be substituted;

(34) for section 153A, the following shall be substituted, namely:-

“153A. Payment to Traders and Distributors.- (1) Every manufacturer, at the time of sale to distributors, dealers and wholesalers, shall collect tax at the rate specified in Part IIA of the First Schedule, from the aforesaid persons, to whom such sales have been made.

(2) Tax credit for the tax collected under sub-section (1) shall be allowed in computing the tax due by the person on the taxable income for the tax year in which the tax was collected. ;

(35) in section 154,in sub-section (4), for the word “deducted the word “deductible shall be substituted;

(36) in section 156, in sub-section (3), for the word “deducted the word “deductible shall be substituted;

(37) in section 156A, in sub-section (2), for the word “deducted the word “deductible shall be substituted;

(38) in section 169,-

(A) in sub-section (1),- (i) in clause (a) for the words “collection of advance tax the words “advance tax required to be collected shall be substituted; and (ii) in clause (b),-

(a) for the word and figure “ section 153A the words and figures “sub-section (1AAA) of section 152 shall be substituted;

(b) for the words “deduction of tax the words “tax required to be deducted shall be substituted; and (c) for the words “has been deducted the words “was deductible shall be substituted; and (d) in sub-section (2),-

(i) in clause (d), the word “and shall be omitted;

(ii) in clause (e), for the full stop a semi colon and the word “; and shall be substituted and thereafter the following new clause shall be added, namely .-

“(f) tax deductible has not been deducted, or short deducted, the said non-deduction or short deduction may be recovered under section 162, and all the provisions of this Ordinance shall apply accordingly.;

(39) in section 171, in sub-section (1), for the letters “KIBOR the word “fifteen shall be substituted;

(40) in section 176, in sub-section (1), in clause (c), the words “selected for audit shall be omitted;

(41) after section 181A, the following new section shall be inserted, namely:-

“181B. Tax Payer Card.- Subject to this Ordinance, the Board may make a scheme for introduction of a tax payer honour card for individual taxpayers, who fulfill a minimum criteria to be eligible for the benefits as contained in the scheme.;

(42) in section 182, in sub-section (2), for the full stop at the end a colon shall be substituted, and thereafter the following proviso shall be added namely:-

“Provided that where the taxpayer admits his default he may voluntarily pay the amount of penalty due under this section.;

(43) in section 202, for the words “Director General the words “Chief Commissioner shall be substituted;

(44) in section 205,-

(a) in sub-section (1),- (i) for the letters and words “KIBOR plus three per cent per quarter the figure and words “18 per cent per annum shall be substituted; and (ii) for the full stop at the end a colon shall be substituted and thereafter the following proviso shall be added namely:-

“Provided that if the person opts to pay the tax due on the basis of an order under section 129 on or before the due date given in the notice under sub-section (2) of section 137 issued in consequence of the said order, and does not file an appeal under section 131, he shall not be liable to pay default surcharge for the period beginning from the due date of payment in consequence of an order appealed against to the date of payment in consequence of notice under sub-section (2) of section 137.;

(b) in sub-section (1A), for the letters and words “KIBOR plus three per cent per quarter the figure and words “1