Separate Notice for Concealment of Income not Required
The Finance Act, 2022 has brought about certain amendments in the Income Tax Ordinance, 2001 (the Ordinance, hereafter). Some significant amendments on Separate Notice for Concealment of Income not Required are explained hereunder: –
Separate Notice under section 111 not Required
In order to avoid duplication of notices and to streamline the amendment of assessment proceedings, an explanation has been inserted in section 111 whereby a separate notice under this section is not required to be issued if explanation regarding nature and source has been confronted under subsection (9) of section 122 of the Ordinance.
For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/