Persons not required filing income tax return, wealth statement

Persons not required filing income tax return, wealth statement

KARACHI: There are classes of persons who are not required to file annual income tax returns and wealth statement for tax year 2019.

The Section 115 of the Income Tax Ordinance, 2001 pointed out persons who are not required to file income tax returns and wealth statement.

Section 115: Persons not required to furnish a return of income.

Sub-Section (3): The following persons shall not be required to furnish a return of income for a tax year solely by reason of sub-clause (iii), (iv),(v) and (vi) of clause (b) of sub-section (1) of section 114 –

(a) A widow;

(b) an orphan below the age of twenty-five years;

(c) a disabled person; or

(d) in the case of ownership of immovable property, a non-resident person.

Sub-Section (4): Any person who is not obliged to furnish a return for a tax year because all the person’s income is subject to final taxation under sections 5, 6, 7, 148, 151 and 152, sub-section (3) of section 153, sections 154, 156 and 156A, sub-section (3) of section 233 or sub-section (3) of section 234A shall furnish to the Commissioner a statement showing such particulars relating to the person’s income for the tax year in such form and verified in such manner as may be prescribed.

Sub-Section (4A): Any person who, having furnished a statement, discovers any omission or wrong statement therein, he may, without prejudice to any other liability which he may incur under this Ordinance, furnish a revised statement for that tax year, at any time within five years from the end of the financial year in which the original statement was furnished.

Sub-Section (5): Subject to sub-section (6), the Commissioner may, by notice in writing, require any person who, in his opinion, is required to file a prescribed statement under this section for a tax year but who has failed to do so, to furnish a prescribed statement for that year within thirty days from the date of service of such notice or such longer period as may be specified in such notice or as he may, allow.

Sub-Section (6): A notice under sub-section (5) may be issued in respect of one or more of the last five completed tax years.

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