ISLAMABAD: The Federal Board of Revenue (FBR) has been authorized to probe foreign income of a taxpayers beyond past five years as time limitation in this regard has been withdrawn through Finance Bill 2021.
According to budget 2021/2022 documents, the Finance Bill 2021 proposed amendment to Section 114 of the Income Tax Ordinance, 2001.
It is proposed amendment in sub-section (5) of Section 114, to insert new proviso, namely:–
“Provided further that the time-limitation provided under this sub-section shall not apply if the Commissioner is satisfied on the basis of reasons to be recorded in writing that a person who failed to furnish his return has foreign income or owns foreign assets.”
