ISLAMABAD: The amended Finance Bill 2024 has allowed non-filers to go abroad for Hajj or Umrah. The amendments in the Finance Bill 2024 have been explained by Tola & Tola / Tola Associates here on Saturday.
The renowned tax expert informed that the Bill had proposed to add a new subsection (d) in Sub-section 2 of Section 114B, whereby it had been proposed that the Board shall vide an Income Tax General Order, be able to restrict a Pakistani citizen from traveling abroad, except for persons that; hold a NICOP; are minors; are students; and such other classes of persons as notified by the Board. The amended Bill has now proposed to add persons going abroad for Hajj or Umrah into the list of people that will not be restricted from travelling abroad through an Income Tax General Order that may be issued under section 114B of the 2001 Ordinance for not filing their return of income.
Likely amendments in finance bill: Govt becomes flexible about non-filers
The Bill had proposed to specify tax rates for advance tax u/s 236C and 236K for late filers, i.e. where names of persons are appearing on the ATL, but they have not filed their return of income by the due date specified in Section 118 or as extended under Section 119 or 214A. The Amended Bill has proposed to carve-out persons who have filed their return of income as per the due date in Section 118, or as extended under Section 119 or 214A for all of the last three tax years preceding the tax year for which the return has not been filed by the due date specified in Section 118, or as extended under Section 119 or 214A, Tola & Tola / Tola Associates added.
Copyright Business Recorder, 2024
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