Download FINANCE ACT, 2019 – EXPLANATION OF IMPORTANT AMENDMENTS MADE IN THE INCOME TAX ORDINANCE, 2001 — Finance Act, 2019 has brought about certain amendments in the Income Tax Ordinance, 2001. The term “offshore asset” has been defined by inserting a new clause (38AA) in Section 2 which includes any movable or immovable asset held, any gain, profit or income derived, or any expenditure incurred outside Pakistan. Every person, other than a company, receiving profit on debt from persons are separately taxed. Income from Property derived by an individual or an association of person is separately taxed on the gross amount of rent. The holding period for taxation of capital gain of open plots has been increased to eight years and for constructed properties, it has been increased to four years. Where the holding period does not exceed one year, the total amount of gain will be taxed.