40. Form of application for accelerated depreciation

40. Form of application for accelerated depreciation. ---

(1)    The application for accelerated depreciation referred to in paragraph  7(2)(d) of the Third Schedule to the Ordinance shall be made and verified in the following form:-
Form of application for accelerated depreciation under paragraph 7(2) (d) of the Third Schedule to the Income Tax Ordinance, 1984.
Part A-Particulars-

(i)   Name of the company:
(ii)   Location of its registered office (with full address):

(iii)   Location of the industrial undertaking  (name, place and district where it has been set up to be given):

(iv)    Commissioner  of  Taxes  and  Deputy  Commissioner  of  Taxes  under  whose jurisdiction the company is assessed or falls to be assessed :
(v)    Date of incorporation of the company:

(vi)   Date of sanction of the industrial unit and the name under which the sanction was given:
(vii)   Date of opening of the letter of credit:
(viii)   Date of arrival of machinery or plant:
(ix)   Date on which the machinery or plant was completely installed:

(x)    Date on which the industrial undertaking started commercial production:
(xi)   Whether approval of the Controller of Capital Issues, if required, has been taken for the issue of capital, and if so, the amount of capital permitted to be issued:

(xii)   The amount of share capital authorised, issued or proposed to be issued and the class of shares and their value, if applicable:

(xiii)   The amount of investment involved in setting up and running the industrial undertaking:

(xiv)   The minimum number or employees required to be engaged in one shift:
(xv)     Whether  the  undertaking  involves  the  use  of  electric  energy  which  is mechanically transmitted and is not generated by human or animal agency:
(xvi)   Declaration in writing that the undertaking has not applied or shall not apply for approval 1[under section 45 of the Income Tax Ordinance, 1984]:
(xvii) The exact nature of business of the undertaking:
(xviii) The name and address of the managing director and other directors of the company with particulars of their holdings and interest in the company and other companies or enterprises:

Part B- The application shall be accompanied by-

(i)   attested copy of certificate of incorporation.
(ii)   Certificate of the commencement of business with an attested copy thereof.

(iii)     A  certified  true  copy  of  the  letter  from  the  Controller  of  Capital  Issues  conveying sanction to the issue of capital.

(iv)    A  certified  copy  of  the  Memorandum  and  Articles  of  Association  of  the company.
(v)   A copy of the complete scheme of the unit as submitted to the Government   at the time of obtaining the sanction.
(vi)   A certified copy of the blue print of the building where the undertaking from which the application is made and located, showing the installed position of the machinery.

Place ...
Date .............................................. ..   Signature of the
Managing Director/Director.


I declare that to the best of my knowledge and belief the information given in the   above application are correct and complete.

Signature of the
Place ...                        ..                     Managing Director/Director.
Date ...

(2)  The  declaration,  to  be  filed  under  paragraph   7(2)(b)  to  the  Third  Schedule  to  the Ordinance shall be made in the following form:

Declaration under paragraph 7(2)(d) of the Third Schedule to the Income
Tax Ordinance, 1984.
Name of the undertaking ...                                                    .
Assessment year ...                        .
I declare that the undertaking has not been approved for, and that no application in
respect  of  the  undertaking  has  been  made  or  shall  be  made  to  the  Board  for  approval  of,
exemption from payment of tax under section 45   or 46A of the Ordinance, for any period.
Signature of the Place ...                        ..                     Managing Director/Director.
Date ...

(3)   On receipt of the application the Board may make such esquires as it considers necessary and call for such further particulars as it may think fit.
(4)    If the Board is satisfied that the industrial undertaking is one which qualifies for accelerated depreciation under paragraph 7 of the Third Schedule to the Ordinance, it shall issue an order to that effect and send a copy thereof to the company.


1Subs for"under section 45 or 46A of the income Tax Ordinance ,1994" by S.R.O. No. 185-L/85 dt. 01-09-1997

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