Islamabad, June 10, 2025: Individuals found hiding income or providing false financial details for tax that results in revenue impact can now face Rs. 500,000 or more and a possible under newly proposed amendments to the Income Tax Ordinance.
“Where, in the course of any proceedings under this Ordinance, any person has either in the said proceedings or in any earlier proceedings concealed income or furnished inaccurate particulars of such income and revenue impact of such concealment or furnishing of inaccurate particulars of such income is five hundred thousand rupees or more shall commit an offence punishable on conviction with imprisonment up to two years or with fine or both,” the clause reads.
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Concealment of income or giving inaccurate particulars of income include suppression of any income or amount chargeable to tax, claiming of any deduction for any expenditure not actually incurred, and any act referred to in sub-section (1) of section 111.
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It’s important to note that this clause already existed but certain changes have been proposed in the Income Tax Ordinance. Further clarification regarding these changes is expected in the coming days.
