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03. CIRCULAR NO. 02 OF 2003. (INCOME TAX) SUBJECT: ISSUANCE OF EXEMPTION CERTIFICATE UNDER SECTION 148 OF THE INCOME TAX ORDINANCE, 2001. In order to meet the persistent demand of manufacturers for streamlining the procedure and swift issuance of exemption certificates, amendments have been made in section 148 of the Income Tax Ordinance, 2001, through the Finance Act, 2003. These amendments include substitution of sub-section (4) and insertion of a new sub-section (4A). 2. As a result of the.

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