Finance Act, 2013 made drastic changes in different provisions of the Income Tax Ordinance, 2001 related to Salaried Class, some of the important provisions and responsibilities of a salaried taxpayer relevant to submission of return and wealth statement for Tax Year 2013 are listed below:
a. Filing of Income Tax Return for Tax Year 2013 is mandatory for every salaried individual having income exceeding Rs. 400,000/-. [Section 114(1)(ab)]
b. Wealth statement and Wealth Reconciliation Statement shall also be submitted alongwith return of income by every return filer. [Section 116(2)]
c. E-filing of Income Tax Return alongwith Wealth Statement and Wealth Reconciliation Statement is mandatory for salaried individual having income of Rs. 500,000 or more. [Section 118(2A)]
d. The Federal Government also introduced a new levy i.e. Income Support Levy Act, 2013, resultantly every taxpayer having movable assets exceeding Rs. 1,000,000 shall pay levy @ 0.5%.
e. Last date for filing of return and wealth statement is August 31, 2013 [Section 118(3)(a)]
Penalties for Non-Compliance
a. Non-filing of return will attract a minimum penalty of Rs. 20,000 and maximum 50% of the amount of tax. [Section 182(1) Serial # 1 of the Table]
b. Non-submission of Wealth Statement will attract a penalty of Rs. 100/- per day of default. [Section 182(1) Serial # 1AA of the Table]
c. Non payment of Income Support Levy Act, 2013 will attract default surcharge @ 16% pa of the payable amount.