As Salam o Alakum.
I need information regarding Wealth tax return and also wealth statement.I know that wealth statement has to be submitted along with income tax returns.But I dont know anything about Wealth tax return.Please can anybody help?
Taxed to Kill
After the abolition of Wealth tax in 2001, no wealth tax is applicable on the wealth and hence no return is required to be filed. Wealth Tax Return was used to be filed up to Assessment Year 2000-2001 (If I remember correctly).
Wealth statement is just like the wealth tax return with the exception that one does not have to pay any wealth tax.
Right Msc286. And I guess every tax payer is not required to furnish Wealth Statement. Only those tax payers are required to furnish it along with thier return of total income whose taxable income crosses a certain threashold. If it has not changed this threashold is Rs. 200,000 per annum
As per Section 116 of the ITO, 2001 the threshold is Rs. 500,000 and not the 200,000. further commissioner is empower u/s 116 to call for wealth statment from any person irrespective of his income threshold.
regards
massood akhter
abbottabad
Thanks for the correction Masood