Finance Bill amends concealment of income definition

ISLAMABAD: The Finance Bill, 2021 has proposed to redefine the concealment of income by including suppression of receipts liable to tax. According to budget 2021/2022 documents, the Finance Bill 2021 proposed to make amendment in the Income Tax Ordinance, 2001 regarding concealment of income. The proposed amendment explains concealment of income includes – “(a) the […]

by Mrs. Anjum Shahnawaz

Commissioner empowered to make assessment of concealed income

KARACHI: A commissioner of Inland Revenue has been empowered to make assessment of income detected as concealed income by Federal Board of Revenue (FBR) or any other agency. FBR officials said that under Section 123 of the Income Tax Ordinance, 2001, the commissioner has been authorized to make assessment of income on amount / assets […]

by Mrs. Anjum Shahnawaz

Tax authorities to determine values of immovable properties, motor cars on discovery of concealment

ISLAMABAD: The tax authorities shall determine value of immovable properties and motor cars for tax purpose on discovery of concealment by a person or a company. Officials in Federal Board of Revenue (FBR) said that under Section 111 of Income Tax Ordinance, 2001 any disclosed income or assets will be taken as concealed income and […]

by Mrs. Anjum Shahnawaz