ITO Section 30 | Profit on non-performing debts of a banking company or development finance institution.

ITO Section 30

Profit on non-performing debts of a banking company or development finance institution.

 (1) A banking company or development finance institution or Non-Banking Finance Company (NBFC) or modaraba shall be allowed a deduction for any profit accruing on a non-performing debt of the banking company or institution or Non-Banking Finance Company (NBFC) or modaraba where the profit is credited to a suspense account in accordance with the Prudential Regulations for Banks or Non-Banking Finance Company or modaraba Non-bank Financial Institutions, as the case may be, issued by the State Bank of Pakistan or the Securities and Exchange Commission of Pakistan.

(2) Any profit deducted under sub-section (1) that is subsequently recovered by the banking company or development finance institution or Non-Banking Finance Company (NBFC) or modaraba shall be included in the income of the company or institution or Non-Banking Finance Company (NBFC) or modaraba chargeable under the head “Income from Business” for the tax year in which it is recovered.

Accused โ˜… POLICE Police Officer

Explanation of ITO Section 30

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Detail of ITO Section 30

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