ISLAMABAD: In a major departure from the past practice, government has provided for taxpayers to file settlement application for agreed assessment by inserting a new section 122D in the Income Tax Ordinance, 2001 through Finance Act 2020.
Recently FBR has instructed its field formations to establish over-sight committees as envisaged in the law. Taxpayers whose cases have been selected in audit and have been confronted through a show-cause, may avail this opportunity by applying online to the settlement committee, conveying this intention to go for agreed assessment and tax payable thereon. The Committee will decide case within 30 days of filing of application by taxpayer.
Government is expecting that a large number of taxpayers under scrutiny will avail this opportunity. This will decrease the pressure on available FBR resources which are being spent on litigation and will provide instant relief to the taxpayers.—PR
Copyright Business Recorder, 2020
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