Three years imprisonment for undeclared offshore asset

Three years imprisonment for undeclared offshore asset

Section 192B of Income Tax Ordinance, 2001  has prescribed three years imprisonment for undeclared offshore asset.

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 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.

(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.)

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