FBR allowed to taxpayers to file settlement application for agreed assessment.
The Federal Board of Revenue has issued a statement saying that the government has added a new section 122D to the Income Tax Ordinance 2001 through the Finance Act 2020. Under which taxpayers can file a settlement application for tax assessment. Recently, the FBR has directed all sub-offices to form oversight committees under the law. He can submit the application for tax assessment online to the Oversight Committee.
The Committee will decide within 30 days of filing the application. There is a strong possibility that a large number of taxpayers with selected cases for scrutiny will benefit from this facility. The move will reduce the unnecessary burden on the FBR, which is being spent on unnecessary legal matters, and will provide immediate relief to taxpayers.
Section 122D of Income Tax Ordinance, 2001 | Agreed assessment in certain cases
Section 122D. Agreed assessment in certain cases.– (1) Where a taxpayer, in response to a notice under sub-section (9) of section 122, intends to settle his case, he may file offer of settlement in the prescribed form before the assessment oversight committee, hereinafter referred to as the Committee, in addition to filing reply to the Commissioner.
(2) The Committee after examining the aforesaid offer may call for the record of the case and after affording opportunity of being heard to the taxpayer, may decide to accept or modify the offer of the taxpayer through consensus and communicate its decision to the taxpayer.
3) Where the taxpayer is stratified with the decision of the Committee,-
(a) the taxpayer shall deposit the amount of tax payable including any amount of penalty and default surcharge as per decision of the Committee;
(b) the Commissioner shall amend assessment in accordance with the decision of the Committee after tax payable including any amount of penalty and default surcharge as per decision of the Committee has been paid;
(c) the taxpayer shall waive the right to prefer appeal against such amended assessment; and
(d) no further proceedings shall be undertaken under this Ordinance in respect of issues decided by the Committee unless the tax as per clause (c) has not been deposited by the taxpayer.
(4) Where the Committee has not been able to arrive at a consensus or where the taxpayer is not satisfied with the decision of the Committee, the case shall be referred back to the Commissioner for decision on the basis of reply of the taxpayer in response to notice under sub-section (9) of section 122 notwithstanding proceedings or decision, if any, of the Committee.
(5) The Committee shall comprise the following income tax authorities having jurisdiction over the taxpayer, namely:-
(a) the Chief Commissioner Inland Revenue;
(b) the Commissioner Inland Revenue; and
(c) the Additional Commissioner Inland Revenue.
(6) This section shall not apply in cases involving concealment of income or where interpretation of question of law is involved having effect on other cases.
(7) The Board may make rules regulating the procedure of the Committee and for any matter connected with, or incidental to the proceedings of the Committee.]
Section 122D Income Tax Ordinance, 2001
According to the amendment, where the committee arrived at the agreement or where the taxpayer is not satisfied with the decision of the committee, the case shall be referred back to the commissioner for decision on the basis of reply of the taxpayer in response to notice under section 122 notwithstanding proceedings or decision, if any, of the committee.
ALSO READ: File tax return or pay penalty for tax year 2020: FBR started issuing tax notices
This section is not applicable in cases involved concealment of income or where interpretation of question of law is involved having effect on other cases. Further, the FBR may make rules regulating the procedure of the committee and for any matter concerned with, or incidental to the proceedings of the committee.
Source | Company Income Tax Return | Income Tax Return | Last Date For Filing Income Tax Return | Assessment |
LATEST POSTS
- ایف بی آر نے ٹیکسوں کی ادائیگیوں کا نیا سسٹم متعارف کرا دیا
FBR introduces ePayment 2.0 ایف بی آر نے حال ہی میں ایک نیا اور بہتر ٹیکس ادائیگی کا نظام متعارف کرایا ہے جس کا نام “ای پیمنٹ 2.0” ہے۔ یہ نظام آئی آر آئی ایس 2.0 پورٹل پر دستیاب ہے،… - Tax Advice for 2024: Do not File Incomplete Tax Returns
Tax Advice for 2024: Do not File Incomplete Tax Returns Tax Advice for 2024: Do not File Incomplete Tax Returns. Whenever tax season approaches tax filer is busy in collecting and discussing his tax returns working with tax consultant and… - Extension of Date in Submission of Sales Tax and Federal Excise Return
Extension of Date in Submission of Sales Tax and Federal Excise Return Extension of Date in Submission of Sales Tax and Federal Excise Return. Recently the Federal Board of Revenue (FBR) has extended the last date for submission of Sales… - Tax Concept: Meaning & Types of Taxes in PakistanTax Concept: Meaning & Types of Taxes in Pakistan Tax Concept: Meaning & Types of Taxes in Pakistan. In Pakistan, tax concepts refer to the principles of taxes that control the taxation system in the country. Here is the list…
- Rs 750 Prize Bond Draw List 15 April 2024
Rs 750 Prize Bond Draw List 15 April 2024 Rs 750 Prize Bond Draw List 15 April 2024. The 98th draw for the Rs. 750 prize bond is scheduled to take place in Hyderabad on April 15, 2024. Here are the details: Prizes of Rs 750 Prize… - Active Tax Payer List 15 April 2024
Active Tax Payer List 15 April 2024 Active Tax Payer List 15 April 2024. Following is the active tax payer list issued by the Federal Board of Revenue (FBR) on 15th April 2024. This list contains the taxpayers details who…
1 Comment