Accountancy Forum

116. Wealth statement.-

(2) Every resident taxpayer filing a return of income for any tax year whose last declared or assessed income <b><font color="green">or the declared income for the year</font id="green"></b>, is five hundred thousand rupees or more shall furnish a wealth statement for that year along with such return.

<b><font color="green">This sentence is the addition of Finance Act 2007.</font id="green"></b>

I am a little bit confused by the word “Declared Income” used by FBR/CBR. I shall be thankful for your response. My queries are as follows;

1) What is the meaning of declared income by CBR/FBR?
2) Is it the taxable income or gross total income for the year?

Best Wishes
Zia ur Rahman

I think the word "Declared Income" means Total Income for the year. Becuase Income Tax authorities can also use the word "Taxable Income". But they have used the word "Declared Income". AM I right?

Zia ur Rahman

Yes You are right, Declared Income means CONFIMED INCOME (finally You know what is the total income), If any person whose total income* 500,000 or above he will be make Wealth Statemen and submit to FBR.