Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART I RETURNS

Income Tax Ordinance, 2001 CHAPTER-X PROCEDURE PART I RETURNS From: 2024-12-29 - To: 0000-00-00 116. Wealth statement.- (1) 1[The] Commissioner may, by notice in writing, require any person 2[being an individual] to furnish, on the date specified in the notice, a statement (hereinafter referred to as the “wealth statement”) in the prescribed form and verified in the prescribed manner giving particulars of- (a) the person’s total 3[assets including foreign assets and liabilities including foreign liabilities] as on the date or dates specified in such notice; (b) the total 3[assets including foreign assets and liabilities including foreign liabilities] of the person’s spouse, minor children, and other dependents as on the date or dates specified in such notice; 4[Explanation. – For removal of doubt, it is clarified that assets of spouse shall only be included in the wealth statement of the person if the spouse is dependent;] (c) any assets 5[including foreign assets] transferred by the person to any other person during the period or periods specified in such notice and the consideration for the transfer; 6[ ] (d) the total expenditures incurred by the person, and the person’s spouse, minor children, and other dependents during the period or periods specified in the notice and the details of such expenditures 7[; and] 8[(e) the reconciliation statement of wealth] (2) Every resident taxpayer 9[, being an individual,] filing a return of income for any tax year 10[***] shall furnish a wealth statement 11[and wealth reconciliation statement] for that year along with such return, 12[Provided that every member of an association of persons 13[***] shall also furnish wealth statement and wealth reconciliation statement for the year along with return of income of the association.] 14[***] 15[(3) Where a person, who has furnished a wealth statement, discovers any omission or wrong statement therein, he may, without prejudice to any liability incurred by him under any provision of this Ordinance, furnish a revised wealth statement 16[along with the revised wealth reconciliation and the reasons for filing revised wealth statement,] 17[under intimation to the Commissioner in…