12-09-2009, 07:13 PM
<b>115. Persons not required to furnish a return of income.-</b> (1) Where the entire income of a taxpayer in a tax year consists of income chargeable under the head âSalaryâ, Annual Statement of Deduction of Income Tax from Salary, filed by the employer of such taxpayer, in prescribed form, the same shall, for the purposes of this Ordinance, be treated as a return of income furnished by the taxpayer under section 114
Provided that where salary income, for the tax year is five hundred thousand rupees or more, the taxpayer shall file return of income electronically in the prescribed form and it shall be accompanied by the proof of deduction or payment of tax and wealth statement as required under section 116.
<b>116. Wealth statement.- </b> (2) Every resident taxpayer filing a return of income for any tax year, whose last declared or assessed income 5[or the declared income for the year, is five hundred thousand rupees or more shall furnish a wealth statement and wealth reconciliation statement for that year along with such return.
Provided that where salary income, for the tax year is five hundred thousand rupees or more, the taxpayer shall file return of income electronically in the prescribed form and it shall be accompanied by the proof of deduction or payment of tax and wealth statement as required under section 116.
<b>116. Wealth statement.- </b> (2) Every resident taxpayer filing a return of income for any tax year, whose last declared or assessed income 5[or the declared income for the year, is five hundred thousand rupees or more shall furnish a wealth statement and wealth reconciliation statement for that year along with such return.
