Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

Income Tax Ordinance, 2001 CHAPTER-X PROCEDURE PART II ASSESSMENTS From: 2024-12-29 - To: 0000-00-00 1[120. Assessments.- (1) Where a taxpayer has furnished a complete return of income (other than a revised return under sub-section (6) of section 114) for a tax year ending on or after the 1st day of July, 2002,- (a) the Commissioner shall be taken to have made an assessment of taxable income for that tax year, and the tax due thereon 2[ ]; and (b) the return shall be taken for all purposes of this Ordinance to be an assessment order issued to the taxpayer by the Commissioner on the day the 3[return was furnished] 4[:] 4[Provided that until the date specified under the fourth proviso to sub-section (2A) is notified, this sub-section shall be in force as if sub-section (2A) is not in operation: Provided further that once the date under the fourth proviso to sub-suction (2A) is notified, clauses (a) and (b) shall only apply when the provisions of sub-section (2A), if invoked, are first complied with: Provided further once compliance le made under the second proviso- (i) the adjusted amount under sub-section (2A) shall be construed to be the tax payable and due under clause (a): (ii) the date of the compliance under sub-section (2A) shall be the date for the purposes of clause (b).] 5[(1A) Notwithstanding the provisions of sub-section (1), the Commissioner may 6[conduct audit of the income tax affairs of a person] affairs under section 177 and all the provisions of that section shall apply accordingly.] (2) A return of income shall be taken to be complete if it is in accordance with the provisions of sub-section (2) of section 114. 7[(2A) A return of income furnished under sub-section (2) of section 114 shall be processed through automated system to arrive at correct amounts of total income, taxable income and tax payable by making adjustments for- (i) any arithmetical error in the return; (ii) any incorrect claim, if such incorrect claim is apparent from any information in the return; (iii) disallowance of any loss, deductible allowance or tax credit under Parts VIII, IX and X respectively of Chapter III; and (iv) disallowance of carry forward of any loss under…