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Got 111(1) Notice from FBR – What should you do?

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111(1) (Notice to explain Income / asset)

Please refer to above.

1.            You have declared income including exempt and FTR at Rs. 3,017,483/- for the tax year under consideration whereas amount of the credit entries in the bank accounts maintained by you are as under:-r.A/c No.      Name of Bank(branch)     Amount of credit entries

01.                          30085X9XX2                        NBP                                       Rs. 3,487,671/-

02.                          0113XXXX12012                Albaraka Bank   Rs. 5,542,684/-

                           Total                                                                                          Rs. 9,030,355/-

You are requested to please explain the nature & source of Rs. 9,030,355/- (-) Rs. 3,017,483/- (=) Rs. 6,012,872/-. Please note that in case of non-compliance or unsatisfactory reply, the said amount will be added in your taxable income under the head income from other source u/s 111(1) (a) of the Income Tax Ordinance, 2001.

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