The government has introduced amendments to the Income Tax Ordinance to declare the concealment of income a ‘cognizable offense’.
According to the details, the government will criminalize income concealment and will withdraw the time limitation in the investigation of the previous returns of an individual with foreign income or assets as part of the documentation.
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Two different circulars were issued to explain income tax and sales tax with an emphasis on documentation with incentives. The accused may be arrested following the written approval of the committee comprising the Minister for Finance, the Chairman, and the senior-most members of the Federal Board of Revenue (FBR).
According to the Finance Act 2021, a new system has been introduced in which the amount of the concealed tax must be Rs. 100 million or above in the case of a filer, and must be Rs. 25 million or above in the case of non-filer. This concealment must be established via an assessment or amended assessment.
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The accused may be arrested following the written approval of the committee comprising the Minister for Finance, the Chairman, and the senior-most members of the Federal Board of Revenue (FBR).
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