Returns and Assessments Chapter- 17
If any of the above conditions is not fulfilled, the return furnished shall be treated as an invalid return
as if it had not been furnished.
Provided further that the condition for approval of the Commissioner shall not apply, if revised return
is filed within 60 days of filing of return.
Provided also that approval of the Commissioner shall not apply and the approval required
there under shall be deemed to have been granted by the Commissioner, if-
(a) the Commissioner has not made an order of approval in writing, for revision of return,
before the expiration of 60 days from the date when the revision of return was sought; or
(b) taxable income declared is more than or the loss declared is less than the income or loss, as the
case may be, determined under section 120;
Provided also that the Commissioner shall grant approval in case of a bonafide omission or wrong
statement.
Where a taxpayer files a revised return voluntarily and deposits the amount of tax evaded or short
paid, along with the default surcharge. The penalty status shall be as under:
Before receipt of notice u/s 177 or section 122(9) (^) No penalty shall be recovered from him.
During the audit or before the issue of notice u/s
122(9)
25% of the penalties shall be recovered
from him.- After the issue of show cause notice u/s 122(9) 50% of the penalties shall be recovered
from him. - Business Bank Account [u/s 114A]
Every taxpayer shall declare to the Commissioner the bank account utilized by the taxpayer for
business transactions. Business bank account shall be declared through original or modified registration form prescribed
under section 181.- Persons not required to furnish a return of income [Section 115]
The following persons shall not be required to furnish a return of income for a tax year solely by
reason of
ownership of land or flat within municipal limits or Islamabad capital territory;
ownership of immovable property with land area of five hundred square yards or more located
in a rating area;
ownership of flat having covered area of 2000 square feet or more located in a rating area; or
owns a motor vehicle having engine capacity 1000cc. A widow;
an orphan below the age of 25 years
a disabled person or
a non-resident person.
Example: Briefly explain which of the following persons are required to file a return of income for the
tax year 20 23 :
(a) A widow having property with land area of 600 square yards in rating area.
(b) An orphan of age 24 having salary income of Rs. 500,000.
(c) A disabled person receiving income from property of Rs.700,000.
(d) A non-resident having flat with covered area of 2500 square feet in rating area. He has no other
source of income.