Karachi, September 29, 2023 – The Federal Board of Revenue (FBR) has taken a significant step in enhancing tax compliance by making the submission of a wealth statement mandatory for all income tax return filers.
ISLAMABAD: A wealth statement cannot be revised after the expiry of five years from the date of filing of income tax return, officials at Federal Board of Revenue (FBR). The amendment has been approved by the National Assembly by passing the Finance Act, 2020. The amendment has been introduced in sub-section 3 of Section 116 […]
KARACHI: Taxpayers have been barred from revising their wealth statement after expiry of five years. An amendment has been proposed to Income Tax Ordinance, 2001 through Finance Bill, 2020. According to interpretation of Finance Bill, 2020 by Deloitte Yousuf Adil Chartered Accountants, presently, revision of wealth statement is allowed without a requirement to obtain approval […]
KARACHI: A Commissioner of Inland Revenue can send a notice to ask any person about the assets of his spouse and minor children. According to Income Tax Ordinance, 2001, persons filing annual income tax returns and statement are required to file wealth statement. Section 116 of the Income Tax Ordinance, 2001 explained wealth statement and […]
KARACHI: Filing of wealth statement is mandatory for making annual return form valid. Taxpayers are required to file asset declaration under Section 116 of Income Tax Ordinance, 2001. Last date for filing income tax returns for tax year 2019 is October 31, 2019, which was already extended from September 30, 2019. 116. Wealth statement.— (1) […]
ISLAMABAD: Federal Board of Revenue (FBR) on Friday issued manual for filing income tax return and wealth statement for tax year 2019. The FBR issued SRO 1160(I)/2019 dated September 27, 2019 to notify instructions for filing annual income returns and wealth statement. The FBR also issued manual paper return forms for individuals. The form has […]
KARACHI: The filing of wealth statement has been made mandatory for persons filing annual income tax return for tax year 2019.
The Income Tax Ordinance, 2001, under Section 115, specifies classes of persons exempted from filing annual income tax returns and wealth statements for the tax year 2019.