Finance Act 2020: Amended list of persons required to file annual income tax return
Section 114. Return of income. — (1) Subject to this Ordinance, the following persons are required to furnish a return of income for a tax year, namely:– (a) every company; (ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year;or (ac) any non-profit organization as defined in clause (36) of section 2; (ad) any welfare institution approved under clause (58) of Part I of the Second Schedule; (b) any person not covered by clause (a), (ab), (ac) or (ad) who,— (i) has been charged to tax in respect of any of the two preceding tax years; (ii) claims a loss carried forward under this Ordinance for a tax year; (iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a...
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