Section 7B. Tax on Profit on Debt - Income Tax Ordinance, 2001
Legal Reference: Section 7B(3) – This section does not apply to profit on debt that:
(a) is exempt from tax under this Ordinance, or
(b) profit on debt exceeds Rs. 5 million.
Note: Profit on debt exceeding Rs. 5 million falls under the Normal Tax Regime and is excluded from the Fixed Tax Regime.
Tax deducted on profit on debt exceeding Rs. 5 million is treated as Adjustable.
Recording Procedure:
- Go to the Other sources tab and open the receipts / deductions menu.
- Locate profit on Debt with code 500312 — use this code to record profit on debt exceeding Rs. 5 million.
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