Income Tax Ordinance, 2001 — Section 116: Wealth statement

116. Wealth statement.— (1) 1[The] Commissioner may, by notice in writing, require any person 2[being an individual] to furnish, on the date specified in the notice, a statement (hereinafter referred to as the "wealth statement") in the prescribed form and verified in the prescribed manner giving particulars of

(a)the person’s total assets and liabilities 3[assets including foreign assets and liabilities including foreign liabilities] as on the date or dates specified in such notice;

(b)the total assets and liabilities 4[assets including foreign assets and liabilities including foreign liabilities] of the person’s spouse, minor children, and other dependents as on the date or dates specified in such notice; 5[Explanation. – For removal of doubt, it is clarified that assets of spouse shall only be included in the wealth statement of the person if the spouse is dependent;]

(c)any assets 6[including foreign assets] transferred by the person to any other person during the period or periods specified in such notice and the consideration for the transfer; 7[ ]

(d)the total expenditures incurred by the person, and the person’s spouse, minor children, and other dependents during the period or periods specified in the notice and the details of such expenditures 8[; and] 9[(e) the reconciliation statement of wealth.]

(5)Subject to sub-section (6), the Commissioner may, by notice in writing, require any person who, in his opinion, is required to file a prescribed statement under this section for a tax year but who has failed to do so, to furnish a prescribed statement for that year within thirty days from the date of service of such notice or such longer period as may be specified in such notice or as he may, allow.

(6)A notice under sub-section (5) may be issued in respect of one or more of the last five completed tax years. 1 The words, brackets, figure, comma and word “Subject to sub-section (2)”. The” substituted by the Finance Act, 2007. 2 Inserted by the Finance Act, 2013. 3 The words “assets and liabilities” substituted by the Finance Act, 2024. 4 The words “assets and liabilities” substituted by the Finance Act, 2024. 5 The words “assets and liabilities” substituted by the Finance Act, 2024. 6 Words inserted by the Finance Act, 2024. 7 The word “and” omitted by the Finance Act, 2009. 8 Full stop substituted by the Finance Act, 2009. 9 Inserted by the Finance Act, 2009. 235 Chapter X – Procedure

(2)Every resident taxpayer 1[being an individual] filing a return of income for any tax year2[ ] shall furnish a wealth statement3[and wealth reconciliation statement] for that year along with such return 4[:] 5[Provided that every member of an association of persons 6[ ] shall also furnish wealth statement and wealth reconciliation statement for the year along with return of income of the association.] 7[8[ ] ] 9[(3) Where a person, who has furnished a wealth statement, discovers any omission or wrong statement therein, he may, without prejudice to any liability incurred by him under any provision of this Ordinance, furnish a revised wealth statement 10[along with the revised wealth reconciliation and the reasons for filing revised wealth statement,] 11[under intimation to the Commissioner in the prescribed form and manner,]at any time before 12[the receipt of notice under sub section (9) of section 122, for the tax year to which it relates 13[:] 1 Inserted by the Finance Act, 2011. 2 The words and comma “whose last declared or assessed income or the declared income for the year, is one million rupees or more” omitted by the Finance Act, 2013. Note: This amendment shall be effective for the tax year 2013 and onwards. Chapter X – Procedure Provided that where the Commissioner is of the opinion that the revision under this sub-section is not for the purpose of correcting a bona fide omission or wrong statement, he may declare such revision as void through an order in writing after providing an opportunity of being heard. Explanation.- For the removal of doubt it is clarified that wealth statement cannot be revised after the expiry of five years from the due date of filing of return of income for that tax year.] 1[ ]