Income Tax Notice of Wealth Statement (U/S 116)
Original price was: Rs. 20,000.Rs. 15,000Current price is: Rs. 15,000.
Documents Required:
- Identity Proof: CNIC or Passport
- Proof of Address: Utility Bill or Bank Statement
- Income Details: Salary Certificate, Bank Statements, and Investment Statements
- Assets Information: Property Documents, Vehicle Registration, and Capital Gains Certificates
- Liabilities Information: Loan Agreements, Credit Card Statements
- Previous Year’s Wealth Statement (if applicable)
Instructions: Email your scanned documents and information to sales@taxasaan.pk or WhatsApp them to 03008362021.
Product Description
Meaning of the Service:
The Notice of Wealth Statement (U/S 116) is a crucial compliance document required under Section 116 of the Income Tax Ordinance. It mandates taxpayers to submit a detailed account of their assets and liabilities, including information on income sources, investments, and expenditures.
An Income Tax Notice of Wealth Statement under Section 116 can be issued only to individuals. Section 116 of the Income Tax Ordinance, 2001, specifically deals with the requirement for individuals to file a wealth statement along with their income tax return. This notice is not applicable to firms or companies, as they are not required to submit wealth statements.
Practical Use Case:
This service is designed for individuals and businesses required to file a comprehensive wealth statement with their annual tax return. It is essential for demonstrating transparency and compliance with tax regulations. Filing this statement ensures that your financial disclosures align with legal requirements and helps avoid potential penalties.
How It Works:
- Document Collection: Gather all necessary documents related to your assets, liabilities, and income.
- Submission: Send the collected documents to us via email or WhatsApp.
- Review: Our team will review the submitted documents for completeness and accuracy.
- Preparation: We will prepare the Notice of Wealth Statement based on the provided information.
- Submission: We will file the completed wealth statement with the relevant tax authorities on your behalf.
Timeline to Complete the Process:
The entire process typically takes between 7 to 10 business days, depending on the complexity of your financial situation and the completeness of the documents provided.
Benefits for Customers:
- Compliance: Ensures that your financial disclosures are accurate and meet legal requirements.
- Avoid Penalties: Helps avoid penalties associated with non-compliance or incomplete wealth statements.
- Expert Handling: Professional preparation and filing by experienced tax consultants.
- Peace of Mind: Confidence in knowing that your wealth statement is accurately completed and submitted on time.
