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Potential taxpayers served show-cause notices in Lahore

Potential taxpayers served show-cause notices in Lahore

LAHORE: The Lahore Broadening of Tax Base (LBTB) has issued 1,500 show-cause notices to the potential taxpayers and enterprises Under Section 122C of the Income Tax Ordinance 2001.

The notices have also been served on such individual and enterprises which were declared as potential taxpayers on the bases of the assessment of their properties or they had conducted taxable transactions.

The LBTB, through the show-cause notices, informed the potential taxpayers to file returns of their income tax until September 30, 2014. The LBTB has claimed that the potential taxpayers were given a golden opportunity on March 28, 2014 to voluntarily file tax returns, but they paid no heed to the notices.

The taxpayers are required to submit wealth statement, wealth reconciliation statement and explanation regarding sources of assets before the due date.