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s. 33

Cash-basis accounting

Tax On Taxable Income

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.
Amendment history (3)
  • Sub-section (1) substituted by the Finance Act, 2003. The substituted sub-section (1)
  • The words “Central Board of Revenue” substituted by the Finance Act, 2007.
  • Substituted for the word “notice” by the Finance Act, 2003.

Amendment notes captured from the source page(s); they may include changes to neighbouring provisions.

Source FBR PDF page 85

Unofficial reference, compiled from the FBR’s consolidated Income Tax Ordinance 2001 (amended up to 30 June 2026). Provided for general information only — not an official FBR publication and not legal or tax advice. Always verify against the official FBR text before relying on it for filing or any decision.