ISLAMABAD (July 17 2010): The Federal Board of Revenue has enhanced the discretionary powers of the commissioners to amend the assessment orders issued under section 122 of the Income Tax Ordinance 2001 and such coverage operates retrospectively, from July 1, 2003. Through Finance Act 2010, the FBR has empowered the commissioners to retrospectively amend the assessment orders issued against the taxpayers.
The FBR has made amendments in section 122 of the Income Tax Ordinance, 2001. The sub-section (4) of section 122 of the Income Tax Ordinance, 2001 has been amended. This sub-section provides for further amendment of assessments amended already under sub-section (1) and subsection (3) of section 122 of the Income Tax Ordinance, 2001. In certain situations assessments amended under sub-section (5A) are also allowed to be further amended now under sub-section (4) of section 122. These amendments are aimed at streamlining the functions of assessment for safeguarding revenues.
Through insertion of sub-section (5AA) the Commissioner has been empowered to amend an assessment order under sub-section (5A) and such coverage operates retrospectively, from 1st day of July 2003. Since the Commissioner appeal is no more empowered to set-aside an assessment, therefore necessary amendment in sub-section (2) of section 124 of the Income Tax Ordinance, 2001 has been made to delete the reference pertaining to "set aside orders, the FBR circular added
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The FBR has made amendments in section 122 of the Income Tax Ordinance, 2001. The sub-section (4) of section 122 of the Income Tax Ordinance, 2001 has been amended. This sub-section provides for further amendment of assessments amended already under sub-section (1) and subsection (3) of section 122 of the Income Tax Ordinance, 2001. In certain situations assessments amended under sub-section (5A) are also allowed to be further amended now under sub-section (4) of section 122. These amendments are aimed at streamlining the functions of assessment for safeguarding revenues.
Through insertion of sub-section (5AA) the Commissioner has been empowered to amend an assessment order under sub-section (5A) and such coverage operates retrospectively, from 1st day of July 2003. Since the Commissioner appeal is no more empowered to set-aside an assessment, therefore necessary amendment in sub-section (2) of section 124 of the Income Tax Ordinance, 2001 has been made to delete the reference pertaining to "set aside orders, the FBR circular added
-www.brecorder.com
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