Islamabad: The Federal Board of Revenue (FBR) has after thorough deliberations, has decided to start questioning the taxpayers who have failed to declare their taxable income under the asset declaration scheme, which was especially offered by the government to increase the tax net and tax return filers.
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As per the documents, the tax department has made certain amendments in the Assets Declaration (Procedure & Conditions) Rules 2019. Whereas, the taxpayers would be asked to declare the pieces of information about their assets which they failed to declare in their asset declaration forms, up to 2018.
The commissioner of Inland Revenue or his delegated person would be entitled to go ahead under Section 111 of the respective ordinance, based on definite information acquired from any source other than an authentic declaration itself.
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No proceedings under any provision of the ordinance will be launched based on any specified information related to the assets, such as income or expenditure as it was on June 30, 2018, or any other time before than that. The concerned authority will inquire whether the asset is declared in the documents submitted or not and the appropriate action will be taken as per law by the concerned authority.
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