Section 192B of Income Tax Ordinance, 2001 has prescribed three years imprisonment for undeclared offshore asset.
Following is the text of Section 192B of Income Tax Ordinance, 2001:
192B. Prosecution for concealment of an offshore asset.- (1) Any person who fails to declare an offshore asset to the Commissioner or furnished inaccurate particulars of an offshore asset and revenue impact of such concealment or furnishing of inaccurate particulars is ten million rupees or more shall commit an offence punishable on conviction with imprisonment up to three years or with a fine up to five hundred thousand Rupees or both.
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