COMMISSIONER

Commissioner means a person appointed by the Board as Commissioner Inland Revenue according to the rules and orders of Federal Government.

CO-OPERATIVE SOCIETY

“Co-operative Society” means a co-operative society registered under the Co-operative Societies Act, 1925 (VII of 1925) or under any other law for the time being in force in Pakistan for the registration of co-operative societies

DEBT

Debt any amount owing, including accounts payable and the amounts owing under promissory notes, bills of exchange, debentures, securities, bonds or other instruments

Explanation

All the claims of outside parties relating to business which are payable either in short run or in long run are called debt. Normally the interest is paid on long-term debt such as debentures, bonds, etc.

DEPRECIABLE ASSET

Depreciable asset means a depreciable asset as defined in section 22 of Income Tax Ordinance, 2001.

In this section depreciable asset implies any tangible moveable property, immoveable property (other than unimproved land), or structural improvement to Dfa Ho immoveable property, owned by a person that

(a) has a normal useful life exceeding one year,

(b) is likely to lose value as a result of normal wear and tear, or obsolescence; and

(c) is used wholly or partly by the person in deriving income from business chargeable to tax.