Income Tax

Who are Required to file Wealth Statement along with Reconciliation?

• Every resident taxpayer filing a return of income for any tax year whose last declared or assessed income or the declared income for the year is Rs.500,000/- 
• Every person to whom Commissioner may, by notice in writing, require to furnish, on the date specified in the notice.
• Every person who is required to file a return in response to a provisional assessment.

Wealth Statement must be in the prescribed form and giving particulars of –

• the person’s total assets and liabilities.
• the total assets and liabilities of the person’s spouse, minor children, and other dependents.
• any assets transferred by the person to any other person
• the total expenditures incurred by the person, and the person’s spouse, minor children, and other dependents 
• the reconciliation statement of wealth.
• Person can revised wealth statement at any time before