Commissioner can revise the assessment order
Section 122B of Income Tax Ordinance, 2001 has provided that the Chief Commissioner has the authority to revise assessment order.
Section 122B of Income Tax Ordinance, 2001 has provided that the Chief Commissioner has the authority to revise assessment order.
Section 122A of the Income Tax Ordinance, 2001 tells that the commissioner can call for any taxpayer’s record. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 122A of Income Tax Ordinance, 2001: 122A. […]
KARACHI: Directorate of Customs Intelligence and Investigation, Karachi has announced the auction of motor cars to be held on September 10, 2021. Following motor cars will be presented for the auction: 01. Mercedes Benz E-230 Car, Reg. No. AAJ-106, Model-1997 Chassis No. WDB2100372A189414 Color Grey 2294cc 02. BMW 7 Series E66 745Li Car, Reg. No. […]
KARACHI: Kohinoor Textile Mills Limited (KTML) on Thursday shared information disclosing that its senior management has avail an amnesty scheme of undeclared foreign assets. A communication sent to Pakistan Stock Exchange (PSX) stated that the following shareholders of KTML informed that they had made to the Federal Board of Revenue (FBR) declarations of assets acquired/held […]
Section 122 of the Income Tax Ordinance, 2001 has empowered a commissioner to make amendment in an assessment order.
Section 121 of the Income Tax Ordinance, 2001 has empowered the commissioner to pass best judgment in assessment case The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 121 of Income Tax Ordinance, 2001: 121. Best judgement assessment.— (1) […]
In a move to streamline the process of disclosing undisclosed assets, expenditure, and sales, Section 120B of the Income Tax Ordinance, 2001 has outlined specific limitations on proceedings under the Assets Declaration Act, 2019.
ISLAMABAD: Federal Tax Ombudsman (FTO) has declared an amnesty scheme for customs clearance of stolen imported cars without legal action. Customs authorities’ decision about clearance of stolen imported cars under Transfer of Residence, Baggage Scheme or Gift Scheme upon payment of redemption fine and taxes without following any legal provision has been decleared illegal by […]
The Federal Board of Revenue (FBR) has raised concerns over a significant number of officers in BS-19 and BS-20 who have been found non-compliant with the mandatory filing of asset declarations.
Section 120 of the Income Tax Ordinance, 2001 explains the assessment on the taxpayer declaring the complete income tax return. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 120 of Income Tax Ordinance, […]