Category: Iris

Definition of Fee for Technical Services

Fee for technical services means any consideration, whether periodical or lump sum, for the rendering of any managerial, technical or consultancy services including the services of technical or other personnel, but does not include : consideration for services rendered in relation to a construction, assembly or like project undertaken by the recipient; or consideration which would be income of the recipient chargeable under the head ―Salary

Definition of Investment Company

*Investment company  means an investment company as defined in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003. An investment company is a corporation or trust engaged in the business of investing the pooled capital of investors in financial securities. This is most often done either through a closed-end fund or an open-end fund. Investment companies are business entities, both privately and publicly owned, that manage, sell and market funds to the public.     […]

Definition of Pre-commencement Expenditure

Pre-commencement Expenditure means any expenditure incurred before the commencement of a business wholly and exclusively to derive income chargeable to tax, including the cost of feasibility studies, construction of prototypes, and trial production activities, but shall not include any expenditure which is incurred in acquiring land, or which is depreciated or amortised.

Definition of Principal Officer

*Principal officer used with reference to a company or association of persons includes:  a director, a manager, secretary, agent, accountant or any similar officer; and any person connected with the management or administration of the company or association of persons upon whom the Commissioner has served a notice of treating him as the principal officer thereof   *Inserted by the Finance Act, 2003.

Definition of Royalty

*[Royalty]means any amount paid or payable, however described or or computed, whether periodical or a lump sum, as consideration for: the use of, or right to use any patent, invention, design or model, secret formula or process, trademark or other like property or right;  the use of, or right to use any copyright of a literary, artistic or scientific work, including films or video tapes for use in connection with television or tapes in connection […]

Definition of Whistleblower

Whistleblower means a person who reports concealment or evasion of income tax leading to detection or collection of taxes, fraud, corruption or misconduct, to the competent authority having power to take action against the person or an income tax authority committing fraud, corruption, misconduct, or involved in concealment or evasion of taxes.

Definition of Venture Capital Company and Fund

*Venture Capital Company and Venture Capital Fund shall have the same meanings as are assigned to them under the **[Non-Banking Finance ***[Companies] (Establishment and Regulation) Rules, 2003] According to Non Banking Finance Companies Establishment and regulation Rules 2003, venture capital company means a company licensed by the Commission to invest in venture projects through equity or other instruments whether convertible into equity or not and provides managerial or technical expertise to venture projects, or acts […]

Definition of Stock in Trade

Stock-in-trade means anything produced, manufactured, purchased, or otherwise acquired for manufacture, sale or exchange, and any materials or supplies to be consumed in the production or manufacturing process, but does not include stocks or shares.

Definition of Small Company

*Small Company means a company registered on or after the first day of July, 2005, under the Companies Ordinance, 1984 (XLVII) of 1984, which: has paid up capital plus undistributed reserves not exceeding **[fifty] million rupees ***has employees not exceeding two hundred and fifty any time during the year has annual turnover not exceeding two hundred ****[and fifty] million rupees; and is not formed by the splitting up or the reconstitution of company already in […]

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