For filing wealth statement: FBR raises income threshold from Rs 500,000 to Rs one million

The Federal Board of Revenue (FBR) has increased the existing income threshold for filing of wealth statement from Rs 500,000 to Rs one million. According to an income tax circular issued here on Tuesday, the FBR has introduced amendments to section 116 of the Income Tax Ordinance 2001. It has been clarified that only an individual taxpayer is required to file a wealth statement.
Secondly, the existing income threshold for filing of wealth statement has been increased from Rs 500,000 to Rs one million. It has further been clarified that a member of an association of person whose share of income from such Association of Person (AOP), before tax, is rupees one million or more, is also required to file wealth statement and wealth reconciliation statement for the year along with the return of income of the AOP.
The existing sub-section (2-A) has been substituted where by it has been clarified that in case of individuals wealth statement along with wealth reconciliation statement arid explanation of the sources of acquisition of assets specified in the wealth statement is also required to be filed along with the return of income filed under provisional assessment (section 122-C). Accordingly such requirements also apply to a member of an AOP, the circular added.