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Simplified tax return form introduced

Business

November 27, 2020

KARACHI: The Federal Board of Revenue (FBR) on Thursday launched a simplified income tax return form for manufacturers having turnover of less than Rs50 million.

The FBR issued SRO 1261(I)/2020 to introduce a draft income tax return form for the manufacturers, which is a single page requiring very little information about the income during a year.

Another one-page wealth statement form has also been introduced to facilitate small-scale manufacturers.

The draft return form is applicable for individuals and Association of Persons (AOPs) having turnover less than Rs50 million. The FBR may issue the finalised return form after seven days of the issuance of this draft return form.

The return form would be applicable for the tax year 2020, despite the fact that the last date for the said year is December 8, 2020.

Sources in the FBR said the simplified return form was launched to facilitate the business community in filing their income tax returns. The single page return would further improve the ease of doing business, they added.

The draft return form requires basic information such as name, NTN, address, etc. Further, the draft return form also requires manufacturers to provide details of gross sale, stock position, domestic / import purchases and gross profit.

The manufacturers are also required to provide details of deduction, allowances and tax credit during a year.

The single-page draft wealth statement form requires manufacturers to provide details of immovable assets, manufacturing units, moveable assets, business capital, assets, etc.

Earlier in September 2020, the FBR had issued simplified return forms for retailers / shopkeepers having turnover less than Rs10 million.