GOVERNMENT OF PAKISTAN
MINISTRY OF FINANCE, ECONOMIC AFFAIRS,
STATISTICS AND REVENUE
(REVENUE DIVISION)
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S.R.O. 616(I)/2000.- In exercise of the powers conferred by
sub-section (2) of section 5 of the Wealth Tax Act, 1963 (XV of 1963), the
Federal Government is pleased to direct that the following further amendment
shall be made in the Second Schedule to the said Act, namely: -
In the
aforesaid Schedule, in Part-II, after clause (1A), the following new clause
shall be inserted, namely: -
(1B) The provisions of
sections 18, 31B, 31BBB and 36 shall not apply to an existing assessee for non
payment of tax by the due dates under section 14A or 14B or 14C, in respect of
any assessment year commencing on or before the first day of July, 1999, where
such assessee -
(a) furnishes a revised return of net wealth in respect of the assessment year
for which the assessment is pending; or
(b)
furnishes
a revised return declaring complete particulars and value of any asset which he
was unable to declare in his return of wealth tax for any past years and makes
a request for the reassessment of his wealth for the relevant years under
section 17 on the basis of such revised return; and
(c)
furnishes
the aforesaid return on or before the 30th September, 2000, and pays
the full amount of tax along with the said return:
Provided that nothing in
this clause shall apply to cases where any concealment proceedings have already
been initiated or the information regarding concealment is in possession of the
Deputy Commissioner of Wealth Tax;.
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ญ[C.No. 1(5)OT/WT/2000]
(MANSOOR AHMED)
Member (Direct Taxes)/