Consultancy

No time Limit to issue notice under section 114(4)

Posted on by Muhammad Waheed Ensari

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/

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Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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