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14. Return of Wealth.-- (1) Every person-
(a) whose net wealth on the valuation date was of such amount as to render him liable to wealth-tax under this Act, or

(b) who is liable to furnish, under the Income Tax Ordinance, 1979 (XXXI of 1979), a return of income or a certificate or statement in lieu thereof or to whom the Ordinance apply except who is not required to file a return under section 80B or a person whose declared income for the relevant year or the last declared or assessed income is less than two hundred thousand rupees, or a firm "or an association of persons or a body of individuals, whether incorporated or not," or a company not otherwise chargeable to tax under this Act : or

(c) who owns in any urban area --
(i) residential plot or house with land area of 500 sq. yards or more; or
(ii) fiat or apartment with covered area of 2000 sq. feet or more ; or

(d) who own,--
(i) residential plot or house (including converted as well as any open area appurtenant thereto) measuring 1000 square yards or more; or
(ii) apartment or flat with covered area of 2500 square feet or more; and
(iii) any motor vehicle (not plying for hire) with engine capacity for 1600 cubic centimeters or more:

Provided that nothing contained in this clause shall apply to widows; orphans below the age of twenty-five years; pensioners; non-resident Pakistan and disabled persons.;

shall, by the dates or the period specified in sub-section (1A), furnish to the Deputy Commissioner of Wealth Tax a return in the prescribed form and verified in the prescribed manner setting forth the particulars of his net wealth as on the valuation date:

Provided that where the net wealth of an assessee comprises agricultural assets, he shall file a separate return in respect of such portion of his net wealth with the Revenue Officer in the form and manner as may be prescribed:

Provided further that the Revenue Officer with whom a return of net wealth is filed shall forward it in the prescribed manner to the Commissioner of Wealth Tax after verifying its correctness and the tax paid with such return.

Explanation

(1A) The return of net wealth under sub-section (1) shall be furnished, for every corresponding assessment year, by every person--
(a) required to furnish such return on or before the same date by which he is required to furnish a return of total income under section 55 of the Income Tax Ordinance, 1979 (XXXI of 1979):

Provided that where such person is not liable to file a return under the Income Tax Ordinance, 1979 (XXXI of 1979), return of net wealth shall be furnished on or before the 30th day of September of the corresponding assessment year:

Provided further that where a portion of the net wealth of an assessee comprises agricultural assets, the separate return required to be filed in respect of such portion, shall be furnished on or before 30th day of September of the corresponding assessment year.

Explanation-- For the purpose of this sub-section, the expression return of total income" shall include the certificate or statement of income filed in lieu of such return.

Explanation 2.-- For the purposes of this section and sections 14C and 14D, the expression "Disabled person" means a person who, on account of injury, disease or congenital deformity, is handicapped for undertaking any gainful profession or employment in order to earn his livelihood, and include a person who is blind, deaf, physically handicapped or mentally retarded."

(2) If the Deputy Commissioner is of the opinion that,--
(i) the net wealth of any person is of such an amount; or
(ii) the assets of any person are of such nature,

as to render him liable to wealth-tax under this Act, then, notwithstanding anything contained in sub-section (1) he may serve a notice upon such person requiring him to furnish within thirty days from the date of service of such notice, or such longer or shorter period as may be specified in the notice, a return in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be required in the notice, the net wealth of such person as on the valuation date mentioned in the notice.";

(3) The Deputy Commissioner may, if he is satisfied that it is necessary so to do, extend the date for the delivery of the return under this section.

14A. Payment of tax on the basis of return.- Every person who is required under this Act to furnish a return of wealth shall pay the tax payable, on the basis of such return, on or before the date on which he is so required to furnish such return [:]

Provided that where such person has paid any sum under sub-section (1) of section 13D, the Deputy Commissioner shall adjust the said sum against the tax payable under this section [:]

[--]

Explanation.-- For the purpose of this section, the expression "tax payable" includes the tax payable under section 14B.

14B Minimum tax on ownership of certain assets.- (1) Notwithstanding anything contained in this Act, every person who owns immovable assets in urban areas shall pay wealth tax at the rates and in the manner specified as under:-

Provided that no tax shall be payable under this section by an person who owns a motor vehicle manufactured more than seven years earlier than the year in which payment of motor vehicles tax is made:

Provided further that widows; orphans below the age of twenty-five years; pensioners; and such disabled persons as own vehicles under a scheme for duty free import of motor vehicles shall, in respect of such vehicles, be exempt from payment of tax under this section.

(2) The tax under this section shall be payable alongwith motor vehicles tax at the time of payment of that tax at the rates specified in sub-section (1) and shall be treated as an advance payment of tax in respect of the assessment year commencing on the first day of July next following the financial year in which it is paid and it shall be adjusted in compulsory tax payable by the assessee for the said assessment year.

15. Return after due date and amendment of return.-- If any person has not furnished a return within the time allowed under section 14, or having furnished a return under that section discovers any omission or a wrong statement therein, he may furnish a return or a revised return, as the case may be, at any time before the assessment is made.

15A. Provisional assessment.-- (1) The Deputy Commissioner may, at any time after the first day of July of the year for which assessment is to be made, proceed to make, in a summary manner, a provisional assessment of the tax payable by the assessee on the basis of the return filed by the assessee under section 14 or section 15, as the case may be, or where no such return has been filed, the last completed assessment (including a provisional assessment).

(2) After a regular assessment has been made, any amount paid towards the provisional assessment made under sub-section (1) shall be deemed to have been paid towards the regular assessment; and where the amount paid towards the provisional assessment exceeds the amount payable under the regular assessment, the excess shall be refunded to the assessee.

(3) Nothing done or suffered by reason, or in consequence of any provisional assessment made under sub-section (1) shall prejudice the determination, on merits, of any issue which may arise in the course of the regular assessment.

(4) There shall be no right of appeal against a provisional assessment made under sub-section (1).

16. Assessment.-- (1) If the Deputy Commissioner is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under section 14 or section 15 is correct and complete, he shall assess the net wealth of the assessee and determine the amount of tax payable by him or the amount refundable to him on the basis of such return.

Explanation

(2) If the Deputy Commissioner is not so satisfied, he shall serve a notice on the assessee either to attend in person at his office on a date to be specified in the notice or to produce or cause to be produced on that date any evidence on which the assessee may rely in support of his return.

(3) The Deputy Commissioner, after hearing such evidence as the person may produce and such other evidence as he may require on any specified points, and after taking into account all relevant materials which Deputy Commissioner has gathered, shall by order in writing, assess the net wealth of the assessee and determine the amount payable by him as tax or the amount refundable to him.

(4) For the purpose of making an assessment under this Act, the Deputy Commissioner may serve on any person who has made a return under sub-section (1) of section 14 or upon whom a notice has been served under sub-section (2) of that section, or who has made a return under section 15, a notice requiring him to produce or cause to the produced on a date specified in the notice such accounts, records or other documents as the Deputy Commissioner may require.

(5) If any person fails to make a return in response to any notice under sub-section (2) of section 14, or fails to comply with the terms of any notice issued under sub-section (2) or sub-section (4), the Deputy Commissioner, after taking into account all relevant material which he has gathered, shall make the assessment to the best of his judgement and determine the amount payable by the person as wealth-tax or the amount refundable to him on the basis of such assessment.

17. Wealth escaping assessment.-- (1) If the Deputy Commissioner-
(a) has reason to believe that by reason of the omission or failure on the part of the assessee to make a return of his net wealth under section 14 for any assessment year or to disclose fully and truly all material facts necessary for his assessment for that year, the net wealth chargeable to tax has escaped assessment for that year, whether by reason of under-assessment or assessment at too low a rate or otherwise; or

(b) has, in consequence of any information in his possession, reason to believe, notwithstanding that there has been no such omission or failure as is referred to in clause (a), that the net wealth chargeable to tax has escaped assessment for any year, whether by reason of under assessment or assessment at too low a rate or otherwise [--]

(c)

he may, in cases falling under clause (a) [--], at any time within five years and in cases falling under clause (b), at any time within four years of the end of that assessment year. serve on the asses-see a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 14. and may proceed to assess or reassess such net wealth, and the provisions of this Act, shall so far as may be, apply as if the notice had issued under that sub-section [:]

Provided that no proceedings under this sub-section shall be initiated unless definite information has come into the possession of the Deputy Commissioner or he has obtained the previous approval of the Inspecting Additional Commissioner of Wealth-tax in writing to do so.

(2) Nothing contained in this section limiting the time within which any proceeding for assessment or re-assessment may be commenced shall apply to an assessment or re-assessment to be made on such person in consequence of or to give effect to any finding or direction contained in an order under section 17B, 23, 24, 25, 26, 27 or 29:

Provided that the provisions of this sub-section shall not apply in any case where any such assessment or re-assessment relates to an assessment year in respect of which an assessment or re-assessment could not have been made at the time the order which was the subject matter of the appeal, reference or revision, as the case may be, was made by reason of any provision limiting the time within which any action for assessment or re-assessment may be taken.

17A. Time limit for completion of assessment and re-assessment.-- (1) No order of assessment shall be made under section 16 at any time after the expiration of a period of --
(a) four years commencing on and from the first day of July, 1981, or two years from the date of the filing of a return or a revised return under section 15, whichever is later, where the assessment year is an assessment year commencing before that date; or

(b) four years from the end of assessment year in which the net wealth was first assessable, or two years from the date of the furnishing of a return or a revised return under section 15, whichever is later, where the assessment year is an assessment year commencing on or after the first day of July, 1981.

(2) No order of assessment or re-assessment shall be made under section 17,--
(a) where any proceeding for an assessment or re-assessment is pending on the first day of July, 1981, at any time after the expiration of period of four years commencing on and from that date; or

(b) where the assessment or re-assessment is to be made in a case falling within clause (a) of a sub-section (1) of section 17 for which a notice has been served under that sub-section on or after the first day of July, 1981 at any time after the expiration of a period of two years from the end of the assessment year in which such notice was served; or

(c) Where the assessment or re-assessment is to be made in a case falling within clause (b) of sub-section (1) of section 17 for which a notice has been served under that sub-section on or after the first day of July, 1981, after the expiration of a period of

(i) four years from the end of the assessment year in which the net wealth was first assessable, or
(ii) two years from the date of service of such notice, whichever period expires later.

(3) Notwithstanding anything contained in sub-sections (1) and (2), an order of fresh assessment in pursuance of an order passed on or after the first day of July, 1981, under section 23, section 24 or section 25, setting aside or canceling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 23 or section 24 is received by the Commissioner or, as the case may be, the order under section 25 is passed by the Commissioner.

(4) The provisions of sub-sections (1) and (2) shall not apply to the assessment or re-assessment made on the assessee or any other person in consequence of, or to give effect to, any finding or direction contained in an order under section 17B, 23, section 24, section 25 * section 26, section 27 or section 29 or in an order of any court in a proceeding otherwise than by way of appeal [ ] under this Act, and such assessment or reassessment, may, subject to the provisions of sub-section (3), be completed at any time. [*apparently intended comma is missing in the Gazette.]

Explanation 1:-- In computing the period of limitation for the purposes of this section the period during which the assessment proceeding is stayed by an order or injunction of any court shall be excluded.

Explanation 2.-- Where, by an order referred to in sub-section (4), any asset is excluded from the net wealth of one person and held to be the asset of another person, then, an assessment in respect of such asset on such other person shall, for the purposes of sub-section (2) of section 17 and this section be deemed to be one made in consequence of, or to give effect to, any funding or direction contained in the said order.

17B. Powers of Inspecting Additional Commissioner to revise Deputy Commissioner's order.-- (1)The Inspecting Additional Commissioner may call for and examine the record of any proceedings under this Act, and if he considers that any order passed therein by the Deputy Commissioner is erroneous in so far as it is prejudicial to the interests of revenue, he may, after giving the assessee an opportunity of being heard and after making, or causing to be made, such enquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment to be made.

(2) The provisions of sub-section (1) shall, in like manner, apply--
(a) where an appeal has been filed under section 23, 24 ,27 and 29, [ ] against-an order passed by the Deputy Commissioner; and
(b) where an appeal [ ] referred to in clause (a) has been decided, in respect of any point or issue which was not the subject matter of such appeal or reference.

(3) No order under sub-section (1) shall be made after the expiry of four years from the date of the order sought to be revised.

Explanation.-- For the purposes of this section, an order prejudicial to the interests of revenue shall include an order passed without lawful jurisdiction.

18. Penalty for concealment.-- (1) If the Deputy Commissioner, Appellate Additional Commissioner, Commissioner or Appellate Tribunal, in the course of any proceedings under his Act, is satisfied that any person--
(a) has without reasonable cause failed to furnish the return of his net wealth which he is required to furnish under sub-section (1) or sub-section (2) of section 14 or section 17 or has without reasonable cause failed to furnish it within the time allowed and in the manner required; or

(b) has without reasonable cause failed to comply with a notice under sub-section (2) or sub-section (4) of section 16; or

(c) has concealed the particulars of his assets or deliberately furnished inaccurate particulars of his assets or debts; he or it may, by order in writing, direct that such person shall pay by way of penalty--

(ii) in the case referred to in clause (b), in addition to the amount of wealth-tax payable by him, a sum not exceeding the amount of tax so payable; and

(iii) in the case referred to in clause (c), a sum not exceeding to and half times but in no case less than the amount of tax which would have been avoided, if the net wealth return made by such person had been accepted as correct.

(1A) If the Deputy Commissioner in the course of any proceedings under this Act is satisfied that any person has not paid tax under section 14A or has paid an amount which is less than the amount payable thereunder, he may direct that such person shall pay by way of penalty a sum not exceeding twenty five per cent of the whole or such portion of the tax as the case may be, as was not paid.

(2) No order shall be made under sub-section (1) or sub-section (1A) unless the person concerned has been given a reasonable opportunity of being heard.

(3) No prosecution for an offence under this Act shall be instituted in respect of the same facts in relation to which a penalty has been imposed under this section.

(4) The Deputy Commissioner shall not impose any penalty under this section without the previous approval of the Inspecting Additional Commissioner of Wealth-tax.

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