INCOME TAX RULES, 1982 - PakSearch.com

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191. Wealth statement under section 58.- The Statement to be furnished under section 58 shall be in the following form and shall be verified in the manner indicated therein, namely:-

WEALTH STATEMENT UNDER SECTION 58 OF THE INCOME TAX
ORDINANCE 1979, AS ON------------
(See Notes 1, 2, and 3)

Name:
National Tax No:

Residential Address:
Business Address:

1. BUSINESS CAPITAL (See Note 4):
Names(s) of Business________________________________________________________________
Capital amount (s)___________________________________________________________________

Total for Part I_______________________

2. NON-AGRICULTURAL PROPERTY:

Serial No. (1)

Location and Identification
No. of Property (2)

Cost including legal Charges, if any (3)

Total for Part 2____________________________________

3. AGRICULTURAL PROPERTY:
(a) Land

Serial No. (1)

Location and identification No. of Land (2)

Main Crop (3)

Cost including legal Charges, if any (4)

Total Cost________________________

(b) Other Property:

(i) Agricultural Equipment (See Note 5)	________________________________
(ii) Live stock	________________________________
(iii) Description	________________________________
(iv) Number	________________________________
(v) Seeds/Seedings	________________________________
(vi) Fertilizer	________________________________
(vii) Any Other	________________________________
Total for Part 3	________________________________

4. INVESTMENTS (at cost including brokerage)

(a) Stocks and shares (see Note 6)	_____________________________
(b) Debentures (See Note 6)	_____________________________
(c) National Investment (Unit) Trust/ICP Certificates etc.	_____________________________
(d) National Savings Schemes Certificates or deposits.	_____________________________
(e) Mortgages	____________________________
(f) Unsecured loans granted.	_____________________________
(g) Any other	_____________________________
Total for part 4	_____________________________

5. MOTOR VEHICLES (at cost)

Make and types ______ Reg. No._________

_________________________________

6. JEWELLERY (at cost)

Description	_________________________________
Weight	_________________________________

7. FURNITURE AND FITTINGS (RESIDENCE)

8. CASH OUTSIDE BUSINESS.

(a) Notes and Coins.	_________________________________
(b) Current Accounts	_________________________________
(c) Deposited Accounts.	_________________________________
(d) Savings Accounts.	_________________________________
(e) Post Office Accounts	_________________________________
(f) Life Insurance Premia actually paid	_________________________________
(g) Deposit receipts or cash certificates	_________________________________
(h) Employers’ Contribution to Provident Fund	_________________________________
(i) Other deposits	_________________________________
Total for Part 8	_________________________________

9. ANY OTHER ASSETS , IF ANY, STANDING IN THE NAME OF SPOUSE, MINOR CHILDREN OR DEPENDENTS
(See Note 7).

Total assets
_______________________________

10. BUSINESS LIABILITIES (See Note 4)

Name(s) of business	________________
Capital Amount(s)	________________

11. LIABILITIES OUTSIDE THE ACCOUNT BOOKS:
A. Personal Liabilities:

(a) Mortgages secured on property or land	_________________________________
(b) Unsecured loans owing	_________________________________
(c) Bank Overdraft/loan	_________________________________
(d) Amounts due under Hire Purchase	_________________________________
Agreements. (See Note 8)	_________________________________
(e) Other debts due.	_________________________________

B. Liabilities of the spouse, minor children and dependents.

Total	_________________________________
Liabilities	_________________________________
Total net worth	_________________________________

12. PERSONAL EXPENDITURE (See Note 9)

Number of family members	(a) Adults___________________
	(b) Children__________________

Personal and other expenses incurred
(1)

Details
(2)

Amounts
(3)

Remarks
(4)

(a) Expenses in the books of accounts.
(b) Expenses outside the books of accounts.

13. ASSETS IF ANY, TRANSFERRED TO ANY PERSON (See Note 9).
I hereby declare that, to the best of my knowledge and belief, the above statement of the assets and liabilities of myself, my wife or wives, my minor children and dependents as on-------and of my personal expenditure for the year ended on----------are complete and correct.

Notes

Signed________________

1. If the space provided in the form is found to be inadequate, additional sheet or sheets may be used.
2. All assets should be valued at cost.
3. If any exact figure cannot be inserted, an estimate should be made, mark it clearly "ESTIMATE".
4. (a) If balance sheet in respect of any business has been submitted to the Department, the entry under "Business Capital" should consist of the net balance on capital, current and loan accounts as shown in those Balance Sheets on the specified date, if such net amount is a credit balance.
(b) Where (The apparently intended word is "no" as was used in the draft Rules.) no Balance Sheet has been submitted, the assessee should list, on a separate sheet of paper attached to this form, the assets and liabilities of the business on the specified date.
The excess of assets listed, should be entered as "Business Capital".
(c) If the net balance at (a) above is a debit balance, it should be included in liabilities at column 10.
5. Agricultural vehicles may be included with Motor Vehicles, provided as description is given. Other agricultural equipment, such as irrigation pumps and tube-wells, etc., should be detailed at cost with description.
6. Give details, e.g. the name of the company and the type of shares or debentures held.
7. Give details and state whether the asset in question was transferred directly or indirectly to the spouse or minor children or dependents or was acquired by them with funds provided by you.
8. In the case of assets acquired under a Hire Purchase agreement, the total price should be shown under the appropriate head in the assets and the balance amount due should be shown in this column.
9. Where the statement is being filed for the first time or covers more than one income year, separate particulars should be provided for each year.

191A. Charges for various forms.- The following forms shall be provided after 30th June, 1993, on payment as mentioned against each:-

Form		Charge
(i) IT-11	Form of return of total income.	Rupees Five each.
(ii) IT-10	Form of Wealth statement under section 58 of the Income Tax Ordinance, 1979.	Rupees Five each.

192. Prescribed Form for Notice of Demand.- Notice of demand required to be served upon the assessee under section 85 shall be in the following forms, namely:-
(i) in case: where the tax demand has resulted from assessment-

NOTICE OF DEMAND UNDER SECTION 85 OF THE INCOME TAX ORDINANCE, 1979 (ASSESSMENT)

National Tax No:	Income Tax Office
	Date____________________

To,
----------------------------
----------------------------
----------------------------

1. This is to give you notice that the sum of Rs..........Rupees...........(as specified on the reverse has been determined to be payable by/refundable to you for the assessment year 19--------------

2. You are required to pay the amount on or before...........19......to the Treasury Officer/Sub-treasury Officer/National Bank of Pakistan/State Bank of Pakistan at...........when you will be granted a receipt. A challan is enclosed for the purpose.

3. Failure to pay the said amount by the date specified above will entail a penalty under section 91(1) of the Income Tax Ordinance, 1979 (XXXI of 1979), and levy of additional tax under section 89 of the said Ordinance.

4. If you intend to appeal against the assessment, you may file appeal under section 129(1) section 134(1) of the said Ordinance to the Apellate Additional Commissioner.......... Range/Commissioner of Income Tax (Appeals), Zone.........../Income Tax Appellate Tribunal within thirty days of the receipt of this notice sixty days of the date on which order appealed against is communicated to you.

Date 19------------	Deputy Commissioner of Income Tax,
Place	Circle-----------------------------------

DETAILS OF TAX
(Rs.)

Income Tax	--	--	--	--	--
Super tax	--	--	--	--	--
Surcharge	--	--	--	--	--
Surcharge (Jewellers)	--	--	--	--	--
Additional tax	--	--	--	--	--
Total				_______	______

NOTICE OF DEMAND UNDER SECTION 85 OF THE INCOME TAX ORDINANCE, 1979
(PENALTY)

National Tax No:	Income Tax Office

	Date……………………………………….
	Assessment Year…………………………..

To,
---------------------------------
---------------------------------
---------------------------------
1. Whereas you have not paid the sum of Rs........…....as required in the previous notice of demand served on...............19 ...............a penalty of Rs.............has been imposed on you under section 91(1) of the Income Tax Ordinance, 1979 (XXXI of 1979).

2. You are required to pay the amount on or before............19.........to the Treasury Officer/Sub-Treasury Officer/ National Bank of Pakistan/State Bank of Pakistan, at............When you will be granted a receipt. A challan is enclosed for the purpose.

3. Failure to pay the said amount of penalty by the date specified above shall entail levy of additional tax under section 89 of the said Ordinance, which shall be in addition to such additional tax leviable on the amount of arrears.

4. Further, failure to pay the total amount of arrears and this penalty, by the date specified in para 2 above shall entail a further penalty under section 91 and provisions of sections, 92, 93 and 94 of the said Ordinance will be invoked.

5. If you intend to appeal against the penalty, you may file an appeal under section 129(1) section 134(1) of the said Ordinance to the Appellate Additional Commissioner ...........Range/Commissioner of Income Tax (Appeals), Zone........../Income Tax Appellate Tribunal within thirty days of the receipt of this notice/sixty days of the date on which order appealed against is communicated to you.

Date 19..........	Deputy commissioner of Income Tax,
Place	Circle

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