Consultancy, Taxation

Prosecution for Failure to Furnish Information in Return of Income

Posted on by Muhammad Waheed Ensari
01
Jul

Prosecution for Failure to Furnish Information in Return of Income

Prosecution for Failure to Furnish Information in Return of Income: Finance Act, 2024 — Explanation regarding Important Amendments made in the Income Tax Ordinance, 2001

Important amendments made in Income Tax Ordinance, 2001 (“the Ordinance”) through Finance Act, 2024 are explained in the subsequent paragraphs.

Prosecution for Failure to Furnish Information in Return of Income

A new section 191A has been inserted whereby any company including a banking company and an AOP, filing blank documents or annexures along with return, or attaching annexure, statement or document in the return form as blank or failing to fully state all relevant particulars or information in return form which are otherwise required as per sub-section (2) of section 114, shall commit an offence punishable on conviction with a fine or imprisonment for a term not exceeding one year or both.

Read full text of Explanation of Finance Act, 2024 Amendments made in the Income Tax Ordinance, 2001 for more updates on taxes from FBR click here.

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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