Consultancy, Taxation

Prosecution for non-compliance of notice under section 117(3)

Posted on by Muhammad Waheed Ensari
01
Jul

Prosecution for non-compliance of notice under section 117(3)

Prosecution for non-compliance of notice under section 117(3): 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 non-compliance of notice under section 117(3)

Section 191 has been amended so that any person who, without reasonable excuse, fails to file return, in response to notice under sub-section (3) of section 117 i.e., where the Commissioner has issued notice for filing of return to a person where the Commissioner has reason to believe that a person has discontinued business or is likely to discontinue, such person shall be treated to have committed an offence punishable on conviction with a fine or imprisonment for 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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