Completeness of Return of Income Tax
Friday, June 18, 2010
An Income Tax Return or any statement can only be complete if following conditions are fulfilled;
- Must be in the prescribed form;
- shall be accompanied by annexures, statements or documents as may be prescribed;
- shall fully state all the relevant particulars or information as specified in the form of return,
- include a declaration of the records kept by the taxpayer;
- shall be signed by the person, being an individual, or the person’s representative.
Labels: Completeness of Return, Income Tax Return, Miscellaneous, Section 114
posted @ 3:04 PM,
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Wealth Statement - Section 116
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.
Labels: Miscellaneous, Section 116, Wealth Statement
posted @ 2:09 PM,
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Who Are Not Required to File Income Tax Return?
Following Tax Payers are not Required to file return including
- Where the entire income of a taxpayer in a tax year consists of income chargeable under the head “Salary” below Rs. 500,000/- this person is required to furnish Employer's Certificate
- Any person who is not obliged to furnish a return for a tax year because all the person’s income is subject to final taxation (FTR) - this person is required to furnish Statement as prescribed
- Following persons even they owns immovable property with a land area of 250 square yards or more or owns any flat located in urban areas
- (a) A widow;
- (b) an orphan below the age of twenty-five years;
- (c) a disabled person; or
- (d) in the case of ownership of immovable property, a nonresident person.
Labels: Income Tax Return, Miscellaneous, Section 115
posted @ 1:52 PM,
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Return of Income
Following persons are required to furnish a return of income for a tax year, namely:–
a) every company including any non-profit organization and approved welfare institution
b) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year
c) any person who
- has been charged to tax in respect of any of the two preceding tax years;
- claims a loss carried forward under this Ordinance for a tax year;
- owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory.
- owns immoveable property with a land area of five hundred square yards or more located in a rating area;
- owns a flat having covered area of two thousand square feet or more located in a rating area;
- owns a motor vehicle having engine capacity above 1000 CC; and
- has obtained National Tax Number
Labels: Miscellaneous, Return of Income, Section 114
posted @ 12:48 PM,
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