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Who Is Required To Declare Assets | FBR Issued A Circular | English Subtitles

Who Is Required To Declare Assets | FBR Issued A Circular | English Subtitles Assalam O Alaikum friends!

The tax amnesty scheme is over and now it's between FBR and the Benami holders.

But there is confusion amongst people who don’t have a taxable income but own any property and the Non-residents who have a property in Pakistan whether they need to declare their assets or not.

FBR issued a circular (06/2019) and extended the last date for filing the return of the tax year 2018. The last date is now August 2nd, 2019.

But the extension is limited to only 4 categories. (FBR issued another circular and extended it for everyone).

So the people who fall in these 4 categories are required to file a return. Those who own

1. A property of 250 square yards (8 Marla) or more or a Flat in ICT or Cantonment area.

2. A property of 500 Square yards (16 Marla) or more in the Rating area (Urban Area).

3. A Flat with a covered area of 2000 square feet (7 Marla) or more.

4. 1000 CC Car or above

The extension of date is a clear indication that people who fall in this category were not subject to the tax amnesty scheme. All they have to do is to file their return and they will be good.

There are 4 exemptions as per Section 115 of Income Tax Ordinance 2001 i.e the following people are exempted from filing tax return irrespective of the size of property:

1. Widow
2. Orphan up to 25 years old
3. Disabled
4. Non-resident (in case of the property only)

As per an FBR representative:

* The declarant won’t have to pay any tax for their assets.

* They may or may not be asked for the money trail or source of income if the property or assets
are purchased in few years prior to the tax year 2018.

* In the case of old properties, No question will be asked.

* Failure to file a return may subject a penalty of Rs 20000.

Here is the link of The said circular:


The contact numbers for FBR:

National: 051 111 772 772
International: 0092 51 111 772 772

Check out other videos:

New Rates Of Property Tax Implemented | Property Tax Increased


FBR's New Tax Profiling System | Online Access Of Information


FBR Raised Property Rates For 18 Cities


What Is A Benami Property | Benami Transactions Act 2017

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