Monday, 28 November 2022
Trending
TAXATION

FBR issued order of Rs 35m tax penalty on Justice Isa’s wife

The Federal Board of Revenue (FBR) issued order of Rs 35million tax penalty on Sarina Isa, the wife of Justice Qazi Faez Isa.

Commissioner Inland Revenue and International Taxes Zone Zulfiqar Ahmed on September 14 issued a 164-page order, stating that Sarina Isa has a tax liability of Rs35 million on account of her foreign assets.

A 10-judge SC bench on June 19 in a reference claimed that Justice Isa committed misconduct by not disclosing his family member’s UK properties in his wealth statement.

In court order, the bench, however, asked the FBR to launch a

n inquiry into the foreign assets matter. To submit report to the Supreme Judicial Council (SJC) – the constitutional forum that can hold a superior court judge accountable.

Sarina Isa also rejected the FBR official’s claim that she on June 25 refused delivery of the FBR notice and said on that day her father had passed away.

She said the FBR official while rejecting her comprehensive replies submitted in response to each of his eight notices held her liable to Rs35 million.

Isa’s wife said in her reply dated August 28 she had asked the official for a personal hearing. “However, Mr Zulfiqar Ahmed has passed an order against me without once hearing me. He has condemned me unheard” she said.

She declared the FBR order “a piece of fiction” which disregarded her agricultural land income, most of her salary as a teacher of the Karachi American School as well as the sale proceeds and profits earned from the sale of her two properties at Karachi’s Clifton area.

 

Online-Tax-Course

Ads:

She requested the official to provide the documents which relied upon in assessment. Likewise, she had also sought a copy of all her returns. Sarina said she had started to work at the Karachi American School 38 years ago – before her marriage – and worked there for decades.

Sarina said she along with a friend bought an office in the Clifton area of Karachi which later on rented. However, income tax is not payable on a certain percentage of amount from the rent.

 She asked the FBR as to whether it examined this aspect. Sarina said she later sold that office at a profit. “Have you taken the sale consideration into account and treated it as part of my savings?” she asked.

She said she also purchased a house at Clifton which also rented out. The rent income disclosed and tax also paid after permissible deductions.

She asked as to whether certain percentages of deductions considered as her earnings.

She stated that she also sold out that house later at profit and there was no requirement of paying on capital gains. Have you taken sale into account, she asked.

Sarina also revealed that she owned 278 acres of land – which is equal to 2,243 kanals. This land managed by her father who died on June 25 this year.

However due to shortage of time, she could not give the exact amount which she earned from agricultural land. She said the amount of agricultural income would easily cover the price of the three properties prior to dates that they bought.

Once I visit Jacobabad and Nasirabad then I will be able to provide you information about earning from these lands, she added.

Sarina stated that she invested income from the agricultural land in saving certificates issued by the government of Pakistan. Some of the agricultural income deposited in a rupees account in UBL.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants-Tax-News-FBR

A d v e r t i s e m e n t

She said her agricultural income is sufficient to justify purchase of three properties in the UK.

“The price of the UK pounds and the USA dollars was less than they were bought. I do not accept as alleged by you that the price of properties was Rs104,680,020. Where have you taken the figure from,” she had questioned.

Related posts
TAXATION

Will FBR Extend the Last Date to file Income Tax Returns

Table of Contents Will FBR Extend the Last Date to file Income Tax Returns?FBR extended date of tax…
Read more
TAXATION

What RTO Lahore achieved in Tax Returns and Revenue

Table of Contents What RTO Lahore achieved in Tax Returns and Revenue What RTO Lahore achieved in…
Read more
TAXATION

FBR Fixes Foreign Currency Limit for International Passengers

Table of Contents FBR Fixes Foreign Currency Limit for International PassengersChange in Baggage…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    1 Comment

    Comments are closed.