CIRCULAR-LETTER NO: 1502-S(WT)/80 DATED: 20/07/1980

CIRCULAR-LETTER NO: 1502-S(WT)/80 DATED: 20/07/1980 Amendments in the Wealth Tax Act, 1963 under the Finance Ordinance, 1980 GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE Dated July 20, 1980. The following changes have been made in the Wealth Tax Act, 1963 (XV of 1963) by the Finance Ordinance, 1980:-- 1. An amendment has been made in Section 2(m) in order to provide for a uniform mode of assessment in the cases of immovable properties held by associations of persons. As a consequence of this amendment, in all cases where a property unit stands registered in the name of more than one individual, the unit will be treated as a property owned by an AOP and shall be assessed in the hands of the AOP. The shares held by an individual in such a property and taxed in the hands of the AOP shall neither be taxed in his own hands or considered for the purpose of clubbing together of property held by the individual, his/her spouse and minor children. 2. Penal provisions of Section 18 have been made more stringent for failure to file return within the prescribed time and for concealment of correct particulars or deliberate furnishing of inaccurate particulars of assets. Now failure to file return within the prescribed time would entail penalty at the rate of Rs. 100/- per day. Section 36 provides for punishment with imprisonment for one year or fine or both for the same default. In the case of concealment of correct particulars or deliberate furnishing of inaccurate particulars, the quantum of penalty may now go upto 2 time the amount of tax sought to be…