KARACHI: The Federal Board of Revenue (FBR) has notified Procedures for assessment oversight committee for all cases of settlement under Section 122D of the Income Tax Ordinance.

The Procedures for assessment oversight committee are notified vide SRO 1184(I)/2020 amending Income Tax Rules 2002.

Accordingly, a settlement application shall be made electronically by the applicant in person or by authorised representative, under section 122D for agreed assessment to the Committee on IRS Web Portal.

A settlement application shall be preferred to the Committee after the date of service of the notice issued under sub-section (9) of section 122 of the Ordinance and before finalization of assessment.

The Commissioner shall not conclude assessment proceedings under section 122 if an application, made against the notice issued under sub-section (9) of section 122, lies pending before the Committee.

The Committee, after examination of the contents of an application submitted by an applicant and facts stated therein and on scrutiny of requisitioned record, if any, shall afford opportunity of being heard to the applicant in writing.

The Committee shall finalize the applications filed under section 122D of the Ordinance within thirty days of receipt of application or within an extended period of sixty days, for reasons to be recorded in writing by the Committee.