Download THE INCOME TAX ORDINANCE, 2001 (AMENDED UPTO 31st OCTOBER, 2018) GOVERNMENT OF PAKISTAN FEDERAL BOARD OF REVENUE (REVENUE DIVISION) — It extends to the whole of Pakistan. The income tax payable by a taxpayer for a tax year shall be computed by applying the rate or rates of tax applicable to the taxpayer under this Ordinance to the taxable income of the taxpayer for the year, and from the resulting amount shall be subtracted any tax credits allowed to the taxpayer for the year. Where a taxpayer is allowed more than one tax credit for a tax year, the credits shall be applied.