FBR empowers Inland Revenue officers to send a notice to any person asking about assets of spouse and minor children
Federal Board of Revenue Pakistan has allowed the commissioner of Inland Revenue to send a notice to any person asking about assets of his spouse and minor children.
In this regard, Section 116 of the income tax ordinance, 2001 explains the wealth statement and powers of commissioner regarding information of assets and liabilities of any person.
Section 116:
- Wealth Statement
The Commissioner may, by notice in writing, require any person being an individual to furnish, on the date specified in the notice, a statement (hereinafter referred to as the “wealth statement”) in the prescribed form and verified in the prescribed manner giving particulars of:
- As on the date specified in notice, total assets and liabilities of any person
- As on the dates specified in the notice, total assets and liabilities of spouse, minor children and any other dependent of the person
- As in the period specified in the notice, any assets transferred by the person to any other person and the consideration received for such transfer
- As in the period specified in the notice, total expenditure incurred by the person, his spouse, minor children and other dependents
- Reconciliation of wealth statement
- A person shall furnish a wealth statement and wealth reconciliation statement for the year along with filing of income tax return for the year
In this case, any association of persons shall along with return of income of association, also furnish wealth statement and wealth reconciliation statement.
- Person can furnish a revised wealth statement along with the revised wealth reconciliation if he finds any errors or omissions therein after filing the statements. Person shall also explain the he reasons for filing revised wealth statement, at any time before the receipt of notice under sub-section (9) of section 122, for the tax year to which it relates.
- Every person (other than a company or an association of persons) filing statement under sub-section (4) of section 115, falling under final tax regime (FTR) shall file a wealth statement along with reconciliation of wealth statement.