Unexplained Income or Assets Section 111

Unexplained Income or Assets Section 111: 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.

Unexplained Income or Assets Section 111

Amendment in clause (ii) of sub-section (2) of section 111 has been made by defining year of discovery of foreign assets or expenditure or concealed income. After the amendment, year of discovery of foreign assets or expenditure or concealed income is the year in which the Commissioner has issued a notice to the taxpayer requiring an explanation of the nature and source of these foreign assets, expenditures, or concealed income.

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.