Action against concealed, unexplained income or assets

Section 111 of Income Tax Ordinance, 2001 explained action against income or assets that is concealed or unexplained by persons. 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 111 of the Income […]

by Hamza Shahnawaz

Concealed income to be added under business income

KARACHI: The Finance Bill 2020 has proposed amendment to laws pertaining to concealed income. Under the amendment the identified concealed income to be added under head of business income. The Finance Bill 2020 proposed amendment to Section 111 of Income Tax Ordinance, 2001. As per interpretation of Finance Bill, 2020, Deloitte Yousuf Adil Chartered Accountants […]

by Mrs. Anjum Shahnawaz

Valuation of concealed assets for income tax recovery

KARACHI: Federal Board of Revenue (FBR) shall conduct valuation for the purpose of income tax recovery on those assets which were identified as concealed. According to Income Tax Rules, 2002, the valuation of concealed assets as under Section 111 of Income Tax Ordinance, 2001 would be taken as: (1) The valuation of immovable property for […]

by Mrs. Anjum Shahnawaz