Got 120(3) Notice from FBR – What should you do?

INU Corporate > Blog > Got 120(3) Notice from FBR – What should you do?

120(3) (Notice to complete deficiencies in Return of Income)

Refer to tax return e-filed by you for the tax year Whereas during desk audit of your tax returns for the tax year, it has been observed that the tax return filed is deficient on account of below and liable to be rendered in-valid in accordance with the provisions of section 114(2)(a) of the income tax ordinance, 2001 read with rule 29 of the income tax rules 2002:

–              the financial statement attached with the tax return are not signed

                                However, before declaring your return so filed in-valid under section 114(2)(a) and charging penalty under section 182(1) of the Income Tax Ordinance, 2001, you are given an opportunity to furnish copy of signed audited accounts, by the above mentioned due date.

                In case of non compliance by the due date your tax return filed for the tax year shall be rendered invalid u/s 114(2)(a) of the Income Tax Ordinance, 2001 read with rule 29 of the income tax rules 2002 and you shall be liable to be charged with penalty under section 182(1) of the Income Tax Ordinance, 2001.

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When do you receive 120(3) notice from FBR?

Why you got 120(3) notice from FBR?

What should you do after receiving 120(3) notice from FBR?

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