Taxation

with focus on tax education

Who are Required to file Wealth Statement along with Reconciliation?

Every resident taxpayer filing a return of income for any tax year whose last declared or assessed income or the declared income for the year is Rs.500,000/-
Every person to whom Commissioner may, by notice in writing, require to furnish, on the date specified in the notice.
Every person who is required to file a return in response to a provisional assessment.

Wealth Statement must be in the prescribed form and giving particulars of –

(a) the person’s total assets and liabilities.
(b) the total assets and liabilities of the person’s spouse, minor children, and other dependents.
(c) any assets transferred by the person to any other person
(d) the total expenditures incurred by the person, and the person’s spouse, minor children, and other dependents
(e) the reconciliation statement of wealth.

Person can revised wealth statement at any time before an assessment, for the tax year to which it relates.

posted @ 2:09 PM,

At July 4, 2014 at 5:35 PM, Anonymous said...: Being an overseas Pakistani what should i do as i received a letter to furnish the wealth statement?
At January 29, 2015 at 11:12 AM, Unknown said...: nice work done
At September 26, 2015 at 10:51 PM, Anonymous said...: Is it essential to make the zero in reconciled amount in 116 fbr form