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