Amendments in Income Tax Ordinance, 2001
By virtue of amendments in sections 116(2) and 116(4) in the Finance Act, 2013, every individual filing income tax return or statement under final tax regime was required to furnish wealth statement and wealth reconciliation statement. This amendment was effective from the tax year 2013. Certain amendments have now been made in the said law as given below: –
1. Through SRO 978(I)/2013 dated 13.11.2013, a new clause (15) has been introduced in Part IV of Second Schedule to Income Tax Ordinance, 2001, according to which, for the tax year 2013, only following categories of persons are required to furnish statement and wealth reconciliation statements:
i) Individual or members of Association of persons whose last declared or assessed income is one million rupees or more.
ii) Individual or members of Association of persons falling under final tax regime and has paid tax amounting to thirty five thousand rupees or more for the tax year.
2. Through Finance Act, 2013 minimum penalty for the non filing of statement u/s 115 (final tax), 165 (monthly statement of withholding tax) 165A (statement by banks) was Rs.50,000/-. Now, by virtue of SRO 978(I)/2013 dated 13.11.2013, a new clause (15) has been added in Part-III of Second Schedule to Income Tax Ordinance, 2001. The minimum penalty for failure to furnish above mentioned statements has been reduced to Rs.10,000/-.
3. Through circular No. 8 of 2013 dated 03.09.2013, FBR had instructed to issue Exemption Certificate u/s 148 for the purpose of imports of raw material by the Industrial Undertakings, for a period of 3 months. Now, through circular No. 12 of 2013 dated 11th November 2013, instructions have been given to issue Exemption Certificate for a period of 6 months.