Failure to furnish wealth statement - Printable Version +- Accountancy Forum (https://www.accountancy.com.pk/forum) +-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4) +--- Forum: Tax (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=8) +--- Thread: Failure to furnish wealth statement (/showthread.php?tid=9057) |
Failure to furnish wealth statement - ashar187 - 10-29-2010 AoA, I am e-filing first time and I fail to understand why should there be a penalty in case of non filing of wealth statement. The IT rules 2001 state a penalty (see the end of post taken from ITOrdincance2010.pdf). If there was no tax filed the rule makes sense. But the tax has been paid by the company reguarly on my behalf. Then why should there be a penalty of 0.1% to 25% of the IT for that year? Isn't it simply to allow corruption to settle previous years non-filing. Further, is it the case that filing wealth statement (with wrong data) is simply to satisfy govt rules (people never report their personal bank accounts as few people told me)? After talking to few people, it seems reporitng bank accounts is not a good idea. Any practising consultant , please comment. Ashar Where any person fails to furnish a return of income or a statement as required under section 115 or wealth statement or wealth reconciliation statement or statement under section 165 within the due date. Such person shall pay a penalty equal to 0.1% of the tax payable for each day of default subject to a minimum penalty of five thousand rupees and maximum penalty of 25% of the tax payable in respect of that tax year. |