Pakistan's Federal Board of Revenue has issued Circular No. 04 of 2022 - Operations (Income Tax), concerning the 120-day limit introduced by the Finance Act 2021 for the commissioner to make an order for the amendment of an assessment following the issuance of a show cause notice. This generally applies from 1 July 2021, with the possibility of a further 90-day extension of the limit if reasons are provided by the Commissioner in writing. --- Circular No. 04 of 2022 - Operations (Income Tax) Subject: Finance Act, 2021 — Amendment in Section 122 of the Income Tax Ordinance, 2001 Historically,...