The Federal Board of Revenue has extended time limit up to 180 days under which Commissioner can issue notice in case of incomplete income tax return filed by the taxpayer. This has been clarified in the income tax circular issued here on Saturday.
According to the FBR, the time limit within which Commissioner can issue notice for incomplete return of income filed by the taxpayer has been extended by 180 days. Previously, if a taxpayer filed an incomplete return on the last day of financial year no such notice could be issued, since no such notice can be issued after the end of the financial year in which the said return of income was filed by the taxpayer.
Through Finance Act, 2012, scope of Pakistan source dividend income is extended to include remittances after tax profit by a branch of a foreign company operating in Pakistan. Previously, the definition of dividend given in section 2(19)(f) had been amended through Finance Act, 2008 to include such remittances.
Prior to Finance Act, 2012, default surcharge under section 205 was payable at KIBOR plus 3 percent per quarter. Through Finance Act, 2012, the same has been changed to 18 per cent per annum. Further no default surcharge shall be payable for the period for which the demand remained unpaid, beginning from the due date given in the demand notice issued at the time of giving appeal effect, if the taxpayer makes the payment in consequence to an appellate order passed by the Commissioner (Appeals) and does not file a further appeal to the Appellate Tribunal, the FBR added. A new clause has been inserted in Section 39 by which additional payments received on delayed issuance of refunds under any tax law have been included in the definition of "Income from other source," the FBR said.
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