Wealth statement is the statement of all the assets either existing or acquired or transfer out during the year, all the liabilities weather existing or assumed during the year and all the expenditure incurred during the year that is used to assess the actual income of an individual.
Tax Law for furnishing of wealth (Section 116 of Income Tax Ordinance 2001)
FBR (Federal Board of Revenue) require every individual whose declared or assessed income is One Million Rupees or more to file Wealth Statement along with the Wealth Reconciliation statement. In addition, FBR may require any person to furnish Wealth Statement along with the Wealth Reconciliation statement.
If someone is required to furnish a wealth statement, BSNS Consulting provide wide range of taxation services including wealth statement preparation.
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