No time Limit to issue notice under section 114(4)
No time Limit to issue notice under section 114(4) by Commissioner Inland Revenue: Currently, under section 114(5), Commissioner is empowered to issue notice requiring tax payer to file tax return for any of last five completed tax years or any of last 10 competed tax year in case of non-filer.
However, vide Tax Laws (Second Amendment) Ordinance, 2021 dated 24.03.2021 proviso to said section which states that the said limit shall not be followed if commissioner is satisfied that the tax payer has foreign income or foreign asset. In such case there would be no time limit to issue notice.
For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/