Section 122D of the Income Tax Ordinance, 2001 explains the procedure to settle agreed assessment cases.
(more…)Tag: Federal Board of Revenue
The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.
-
List of Customs officers fail to furnish asset declaration
ISLAMABAD: Federal Board of Revenue (FBR)on Friday issued a list of officers of Pakistan Customs Service (PCS) in BS-19 and BS-20, who have failed to furnish asset declaration and Performance Evaluation Reports (PERs).
A circular issued by the FBR stated that it is intimated that the performance evaluation report (PERs) or Declaration of Assets or both of the following officers of PCS BS-19 and BS-20, who are in the promotion zone, are missing:
BS-20 officers
1. Dr. Naeem Khan
2. Imtiaz Ahmad Sheikh
3. Muhammad Asghar Khan
4. Abdul Qadir Memon
5. Asif Saeed Khan Lughmani
6. Muhammad Ali Raza Hanjra
7. Muhammad Imran Khan Mohmand
8. Ms. Zeba Azhar Zeba Bashir Ahmad
9. Iftikhar Ahmad
10. Muhammad Saeed Khan Jadoon
11. Syed Shakeel Shah
12. Muhammad Junaid Jalil Khan
BS-19 Officers:
1. Ms. Mehnaz Bhaur
2. Ms. Misbah Khatana
3. Sajjad Hyder Jhin Jhin
4. Shafqat Ali Khan Niazi
5. Kh. Khurram Naeem
6. Syed Naeem Akhtar
7. Ms. Saira Agha
8. Ms. Ayesha Niaz
9. Muhammad Ashfaq
10. Ms. Nasreen Nawaz
11. Engr. Habib Ahmad
12. Shoukat Ali
13. Abid Hussain Hakro
14. Azhar Hussain Merchant
15. Jameel Ahmed Baloch
16. Arbab Qaisar Hamid
17. Dr. Moin-ud-Din Ahmad Wani
18. Nadeem Ahsan
19. Ziaullah Shams
20. Asdaq Afzal Sensera
21. Agha Saeed Ahmad Phatan
22. Rizwan Salabat
23. Suleman Yaqub Khan
24. Ghulam Mustafa
25. Junaid Ahmed Memon
26. Ms. Sameera Sheikh
27. Naveed Illahi
28. Ms. Beelam Ramzan
29. Muhammad Saeed Asad
30. Ms. Mahreen Naseem
31. Muhammad Masood Sabir
32. Ms. Saadia Sheeraz
33. Muhammad Hans Ansari
34. Azood ul Mehdi
The FBR said that failure in the submission of above documents by 03-09-2021 i.e. today, the officer himself/herself will be responsible for non-consideration/ deferment/ supersession.
-
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.
(more…) -
Commissioner empowered to call taxpayer’s record
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. Revision by the Commissioner.—(1) The Commissioner may, call for the record of any proceeding under this Ordinance or under the repealed Ordinance in which an order has been passed by any Officer of Inland Revenue other than the Commissioner (Appeals).
(2) Subject to sub-section (3), where, after making such inquiry as is necessary, Commissioner considers that the order requires revision, the Commissioner may make such revision to the order as the Commissioner deems fit.
(3) An order under sub-section (2) shall not be prejudicial to the person to whom the order relates.
(4) The Commissioner shall not revise any order under sub-section (2) if—
(a) an appeal against the order lies to the Commissioner (Appeals) or to the Appellate Tribunal, the time within which such appeal may be made has not expired; or
(b) the order is pending in appeal before the Commissioner (Appeals) or has been made the subject of an appeal to the Appellate Tribunal.
(5) If any order is remanded back to any lower authority by the Commissioner for modification, alteration, implementation of directions or de novo proceedings, the order giving effect to the directions of the Commissioner shall be issued within one hundred and twenty days.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
-
Saigols of KTML disclose availing amnesty scheme
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 outside Pakistan in July 2018 under the Foreign Assets (Declaration and Repatriation) Act, 2018 and intimated about their beneficial ownership of KTML.
Following is shareholding detail prior to the declaration by virtue of the Declaration Act:
01. Taufique Sayeed Saigol, Chief Executive Officer/Director, shareholding in KTML is 43,425,059, the percentage of paid up capital is 14.51 per cent.
02. Mrs. Shehla Tariq Saigol, substantial shareholder, shareholding in KTML is 30,377,143, the percentage of paid-up capital is 10.51 per cent.
Further, the above shareholders of KTML are indirectly ultimate beneficial owners in the proportion of 50 per cent each in the following two foreign companies which are also substantial shareholders of KTML as under:
01. Mercury Management Inc., BVI (MMI), substantial shareholder, shareholding in KTML is 73,390,890, percentage of paid-up capital is 24.52 per cent.
02. Hutton Properties Limited, BVI (HPL), substantial shareholder, shareholding in KTML is 49,639,992, percentage of paid-up capital is 16.59 per cent.
Accordingly, it is notified that, pursuant to the Declarations made under the Declaration Act, their aggregate shareholding in KTML is as under:
The shareholding of Taufique Sayeed Saigol, Chief Executive Officer / Director in KTML after including assets declared under amnesty scheme increased to 106,940,503 or percentage of share capital in KTML increased to 35.06 per cent.
Similarly, the shareholding of Mrs. Shehla Tariq saigol, a substantial shareholder in KTML after including assets declared under the amnesty scheme increased to 91,892,587 or percentage of share capita in KTML increased to 30.70 per cent.
The communication sent to the PSX, the company said: “In accordance with the highest legal ethical standards and acting out of abundant caution in a wholly precautionary way, the above-named shareholders have declared their proportionate shares of indirect shareholding ownership held in KTML through MMI and HPL managed by Saim Family Trust, a Settler Reserved Discretionary Trust.”
Assets held and controlled by this Discretionary Trust would only be available to the beneficiaries at the discretion of the trustees, whenever distributed, it added.
“It is clearly stated that such assets are not yet distributed by the Trustees.”
-
Commissioner can amend assessment order
Section 122 of the Income Tax Ordinance, 2001 has empowered a commissioner to make amendment in an assessment order.
(more…) -
Powers to make best judgment in assessment cases
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) Where a person fails to —
(ab) furnish return of income in response to notice under sub- section (3) or sub-section (4) of section 114; or”;
(b) furnish a return as required under section 143 or section 144; or
(c) furnish the statement as required under section 116; or
(d) produce before the Commissioner, or a special audit panel appointed under sub-section (11) of section 177 or any person employed by a firm of chartered accountants or a firm of cost and management accountants under section 177, accounts, documents and records required to be maintained under section 174, or any other relevant document or evidence that may be required by him for the purpose of making assessment of income and determination of tax due thereon,
the Commissioner may, based on any available information or material and to the best of his judgement, make an assessment of the taxable income or income of the person and the tax due thereon and the assessment, if any, treated to have
been made on the basis of return or revised return filed by the taxpayer shall be of no legal effect.
(2) As soon as possible after making an assessment under this section, the Commissioner shall issue the assessment order to the taxpayer stating—
(a) the taxable income;
(b) the amount of tax due;
(c) the amount of tax paid, if any; and
(d) the time, place and manner of appealing the assessment order.
(3) An assessment order under this section shall only be issued within five years after the end of the tax year or the income year to which it relates:
Provided that where notice for furnishing a return of income under sub-section (4) of section 114 is issued in respect of one or more of the last ten completed tax years in pursuance of proviso to sub-section (5) of section 114 an assessment order under this section shall only be issued within two years from the end of tax year in which such notice is issued.
(Disclaimer: The text of the above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)
-
Proceeding limitations under asset declaration scheme
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.
(more…) -
FTO declares Car Amnesty Scheme illegal
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 Tax Ombudsman.
In an own motion investigation, the FTO Islamabad found that the decision taken in Customs conference held at the then CBR (FBR) on 02.08.2006 was illegal.
The FTO’s investigation committee also underlined that without following due legal procedures such decisions will promote illegal import of stolen vehicles and facilitate international criminal activities.
In this connection, FTO issued notices to Federal Board of Revenue (FBR). The FBR submitted report that Customs collectorates in Sialkot and Peshawar had cleared six and three such stolen imported vehicles in 2007 and 2013-2014 respectively.
The FTO also recommended FBR to direct all Collectorates of Customs and other concerned authorities to stop these illegal practices forthwith.
The Customs authorities were also directed that the stolen imported vehicles either should have been returned to authorities of the country from where vehicles were stolen after receiving occurring expenses or these vehicles should have been confiscated and disposed of through public auction.
The committee also recommended FBR to direct MCC Sialkot to seize identified six vehicles and take appropriate legal action against importers involved in such illegal businesses.
The FTO ordered a report from the competent authorities to be submitted within 45 days. Earlier, the FTO took the Own Motion in connection of the decision taken in Customs Conference held at the then CBR (FBR) on 02.08.2006, in which it was decided that the Collectorates may clear stolen imported vehicles after imposition of 30 percent redemption fine under the Provision of Customs Act 1969 while no action should be taken unless recognized agency of the foreign country approaches government of Pakistan.
-
FBR officers found non-compliant to asset declaration
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.
(more…)