Section 33: Cash-basis accounting — Income Tax Ordinance, 2001

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33. Cash-basis accounting.—A person accounting for income chargeable to tax under the head “Income from Business” on a cash basis shall derive income when it is received and shall incur expenditure when it is paid.

Effective date: 2001-09-13

Related sections

Section 32: Method of accounting Section 34: Accrual-basis accounting Section 31: Transfer to participatory reserve Section 35: Stock-in-trade Section 30: Profit on non-performing debts of a banking company or Section 36: Long-term contracts

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