This blog is written by Mr. Shahwazir Safi, Associate Taxation Services.

Who is Liable to file the Annual Return.

  • Every company
  • Every other person whose income exceeds the amount not chargeable to tax
  • Approved Non-profit organization
  • Approved Welfare institution
  • Any person charged to tax in any of the two preceding tax years
  • Any person who claims carry forward of loss
  • Owner of immovable property with land area of 250 sq yards or more or owns a flat located in prescribed areas (Not applicable on widow, orphan below age of 25 years, disabled person and non-resident)
  • Owner of land are of 500 sq yards of more in a rating area
  • Owns a motor vehicle having engine capacity above 1000 CC
  • NTN number holder
  • Holder of commercial or industrial electricity connections with annual bill exceeding Rs.500,000
  • Person registered with Chamber of Commerce etc.
  • Person whose business income exceeds Rs.300,000 but does not exceed Rs.400,000

Who is liable to file Wealth Statement

  • Section 116 – Following are required to file wealth statement & wealth reconciliation statement”
    • Any person who is required by Commissioner to do so
    • Every resident individual who is filing return
    • Every individual member of AOP
    • Any person filing return in response to notice under section 122C (provisional assessment)
    • Every individual filing statement under section 115(4)

A person can revise wealth statement if he finds any omission, wrong statement

Wealth Reconciliation Statement

Opening Wealth                                              10000

Closing Wealth                                               5000   

Decrease in wealth                                          (5000)

Increase in wealth = Net Income

Decrease in wealth = Net Loss

Shahwazir Safi