Return of income and statement of final taxation

Return of income and statement of final taxation

Previously, person whose entire income was governed under the FTR were required to file a statement in lieu of return of income pursuant to Section 115(4) of the Ordinance. The Finance Act has abolished the filing of statement under section 115(4) of the ordinance and to replace them with the normal return for all types of income to be filled under section 114.

Then Finance Act has empowered FBR to prescribe different returns for different classes of income or persons including persons subject to final taxation.

Furthermore, subject to specified conditions, a person can revise the return of income if he discovers any omission or wrong statement. The Finance Act has empowered the Commissioner to grant approval for revision of return for bona fide omission or wrong statement without any condition or limitations.

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