What is the penalty for failing to declare foreign assets?

Question

I have a small apartment abroad but didn’t mention it in my return. What penalties can I face?

Answer 1

Ye situation kaafi important hai, kyunki foreign assets disclosure FBR ke liye sensitive issue hota hai. Agar aapke paas apartment ya koi bhi immovable property abroad hai aur wo aapne apni Wealth Statement / Return of Income mein mention nahi ki, to law ke mutabiq ye concealment of asset kehlata hai.

Possible Consequences / Penalties:

1. Penalty under Section 182(1) –

   • Agar wealth statement mein asset hide hota hai to penalty 2% of the value of the concealed asset per year tak ho sakti hai.

   • Example: Agar apartment ki value PKR 20 Million hai aur aapne hide kiya, to penalty 400,000 per year tak lag sakti hai.

2. Default Surcharge & Additional Tax –

   • Agar us asset se koi income (e.g., rent abroad) thi jo aapne declare nahi ki, us par normal income tax + default surcharge lag sakta hai.

3. Audit / Amendment of Assessment (Sec 122) –

   • FBR aapka return re-open kar sakta hai, apne pasand ke mutabiq value assess kar ke tax aur penalty charge kar sakta hai.