Text of ITO Section 64D

Tax credit for point of sale machine.

(1) Any person who is required to integrate with the Board’s computerized system for real-time reporting of sale or receipt shall be entitled to a tax credit in respect of the amount invested in the purchase of a point of sale machine.

(2) The amount of tax credit allowed under sub-section (1) for a tax year in which the point of sale machine is installed, integrated, and configured with the Board’s computerized system shall be the lesser of—

• (a) amount actually invested in the purchase of the point of sale machine; or
• (b) rupees one hundred and fifty thousand per machine.

(3) For the purpose of this section, the term point of sale machine means a machine meant for processing and recording the sale transactions for goods or services, either in cash or through credit and debit cards or online payments in an internet-enabled environment.