INCOME TAX RULES, 1982 - PakSearch.com

26A. Declaration of undisclosed income.-- (1) Any person other than a company may, on or before 30th day of September, 1997, file a declaration in respect of undisclosed income as defined in sub-section (4) of section 59D for any year or years relevant to any assessment year or years ending on or before thirtieth day of June,1997 which was chargeable to tax but was not so charged.

(2) The tax payable on the undisclosed income declared by any person under the scheme shall be paid by the declarant before furnishing the declaration and the declaration shall be accompanied by proof thereof.

(3) The declaration shall be filed with the officer designated for this purpose.

26B. Immunity.-- No tax under the Income Tax Ordinance, 1979 (Ordinance XXXI of 1979) including ht scheme shall be payable in respect of the value of the assets declared under the scheme in respect of which wealth tax has been paid in accordance with section 3A of the Wealth Tax Act, 1963 (Act XV of 1963).

26C. Conditions.-- The amnesty provided under the scheme shall be subject to the following conditions, namely:--
(i) that the declaration of undisclosed income shall be filed as specified in the scheme.
(ii) that full and correct declaration of income is made; and
(iii) that the basis of valuation of assets and the payment of tax shall be as follows:--

Valuation of assets:--	Residential properties:--
Plots and open lands.	Equal to the value specified by the District Collector for the purpose of Stamp Duty as on June 30, 1997.
Super structure	At the rate of Rs 100 per square foot.
Apartments/flats	As registered for the purpose of Stamp Duty.
Commercial properties:
Plots and open lands	Equal to the auction value or the value specified by the District Collector for the purpose of Stamp Duty as on June 30, 1997, whichever is higher.
Super structure.	At the rate of Rs 100 per square foot.
Share/stocks of listed companies (including NIT units)	Price quoted at the stock exchange on June 17, 1997.
Share/stocks of companies not quoted on a recognised stock exchange.	The face value or break-up value whichever is higher on June 30, 1997 to be determined as below:- The assets of the company shall first be determined, this shall be done by adding to the paid up capital the debentures, reserves and the balance as per profit and Loss Account, the provision for liabilities in the balance sheet to be scrutinized with a view to excluding therefrom items which should really form part of the reserves. From the total so arrived at, the paid up value of the preference shares and the debentures shall be deducted. The resulting balance shall be divided by the amount of the paid up ordinary share capital to arrive at the value of each rupee of paid up capital. The value of shares held by the assessee shall then be determined by multiplying, the sum so arrived at by the paid up value of such shares.
Investment in Government scheme (i.e., NDSC, postal Certificates, Bonds; Government Securities etc.)	Value as on June 30, 1997
Cash and Prize Bonds	The face value.
Motor vehicles
	(a) Imported motor vehicles: C.I.F. value plus the amont of all charges, customs duty, sales tax, levies, octroi, fees and other duties and taxes leviable thereon and the costs incurred till their registration.
	(b) Motor vehicles purchased from a manufacturer or assembler or dealer in Pakistan: The price paid by the purchaser, including the amount of all charges, customs duty, sales tax and other taxes, levies, octroi, fees and all other duties and taxes leviable thereon and the costs incurred till their registration.
	(c) Motor vehicles specified in clauses (a) and (b) on the valuation date following the valuation dates in which the vehicle was first assessable in the hands of the assessee: The value computed in the manner specified in clause (a) or clause (b) as the case may be, as reduced by a sum equal to 10% of the said value for each successive year, upto a maximum of five years.
	(d) Used motor vehicles purchased by an assessee locally.- The original cost of the vehicle determined in the manner specified in clause (a) or clause (b) as the case may be, as reduced by an amount equal to 10% for every year following the year in which it was imported or purchased from a manufacturer: Provided that in no case shall the value be determined at an amount less than fifty per cent of the value determined in aforesaid manner:
Other assets	As provided in the Wealth tax Act, 1963.

Name _______________________ S/o _________________________
NIC No. „„„-„„-„„„„„„
Business Address ____________________________________________
______________________Tele/Fax No. ______________________
Residential Address______________________

(26G) Undisclosed income to be charged to tax.- The undisclosed income declared by a person in
pursuance of Tax Amnesty Scheme, 2000, shall be charged to tax at the rate of ten per cent of
such income.

Status:	„ Individual	„ AOP	„ HUF	„ Firm
	(Tick whichever is applicable)

Assessment Year (S) in which income earned/ assets (S) acquired	Particulars	Income assets or expenditure (see section 59D of Income Tax Ordinance 1979.	Value of asset (see section 3A of the Wealth Tax Act, 1963)
________________	_____________	________________	______________
________________	_____________	________________	_____________
________________	_____________	________________	_____________
________________	_____________	________________	_____________
________________	_____________	________________	_____________
________________	_____________	________________	_____________
Total (in words)		Rs. ------------------	Rs. ---------------
Tax payable at the rate of 7.5%		Rs. ------------------	Rs. ---------------
Tax paid vide challan /pay order/ demand draft/No. ....... dated.......... of.........Bank...........Branch at ......................………….		Rs. ------------------	Rs. ---------------

Place ..........…………………………….	Signature ...............
	Date .....................