04-06-2007, 07:02 PM
After the promulgation of Income Tax Ordinance, 2001, we are in a tax era of Self Assessment, meaning thereby that whatever is stated by the taxpayer is accepted by the tax authorities and assessment is deemed to be finalized at the time of furnishing of the tax return.
Although tax authorities have the option of audit of any case, it is hardly undertaken by the authorities.
Now, in view of the overall tax culture of Pakistan, and the tendency of the taxpayers to conceal / understate their taxable income, I have the following to be considered by the valued members of the forum.
Is Self Assessment a viable option in Pakistan?
Regards,
Mahmood Chaudhry
ACCA, ACA
Although tax authorities have the option of audit of any case, it is hardly undertaken by the authorities.
Now, in view of the overall tax culture of Pakistan, and the tendency of the taxpayers to conceal / understate their taxable income, I have the following to be considered by the valued members of the forum.
Is Self Assessment a viable option in Pakistan?
Regards,
Mahmood Chaudhry
ACCA, ACA
