Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
FBR effects major changes in income tax return form
09-04-2010, 12:29 PM
Post: #1
FBR effects major changes in income tax return form
ISLAMABAD (September 04 2010): Taking into account recommendations received from various tax lawyers and consultants, the Federal Board of Revenue has introduced some major changes in the income tax return form for Association of Persons (AOPs) and individuals for the Tax Year 2010. Under the amended return form, some categories of distributors engaged in the business of cigarette and pharmaceutical products have to specify the receipts/values and tax chargeable etc as per Finance Act 2010.

Sources told Business Recorder here on Friday that the amended return of total income/statement of final taxation for Tax year 2010 has been placed on the FBR website as well as changes has been incorporated in the FBR e-filing system. The FBR has introduced changes in the return for AOPs/individuals in view of recommendations made by the tax bar associations and tax experts/lawyers.

The changes have been made in the return of total income/statement of final taxation in line with the provisions of the Finance Act 2010. Under the amended form, services and imports, falling into final taxation regime, those have now been shifted to minimum tax liability on main page of the return. In order to cover the transactions taken place prior to July 1, 2009 for the taxpayers falling under special tax year, the FBR has kept the provision of mentioning those receipts under final taxation regime.

A new provision has been made available in the return form to mention the receipts of distributors of cigarette and pharmaceutical products. The distributors would be able to mention the tax withheld under the new income tax return form.

Another major change in the new return form is the provision to specify the sale by auction u/s 236A. In this regard, a provision has been made to mention the tax withheld at the time of sale by auction u/s 236A of the Ordinance 2001. Some of the sections of the Income Tax Ordinance, which were mentioned in the final taxation regime, have now been included in the minimum taxation. The sections are 113, 148(8), 153(1)(b), 233A(2) and section 235(4) of the Income Tax Ordinance 2001. The amended return form has also made changes relating to minimum taxation liability for imports and services, sources added.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  CDA chairman inspects work on major avenues in capital Salman 0 562 03-10-2014 04:45 PM
Last Post: Salman
  Construction of 500,000 low-income group houses start next month Salman 0 773 02-25-2014 01:23 PM
Last Post: Salman
  Pakistan Govt Low Income Housing Scheme Salman 0 1,567 02-13-2014 11:58 AM
Last Post: Salman
  Bahria Town Karachi Update : Rs. 150,000 Discount For Selective Form-Bearers Of Bahri Salman 0 4,540 12-05-2013 01:19 PM
Last Post: Salman
  PM Announced Laon Scheme For Construction of Houses For Low Income People Salman 0 7,126 11-08-2013 02:23 PM
Last Post: Salman
  CDA Receives Minor Response Form Buyers Salman 0 5,577 10-02-2013 08:04 PM
Last Post: Salman
  Pakistan floats tender for major road construction Salman 0 5,101 09-02-2013 12:48 PM
Last Post: Salman
  Maximising revenue: CDA board weighs proposals to diversify sources of income Salman 0 1,186 05-10-2013 11:21 AM
Last Post: Salman
  Pakistan Budget 2012-13 : Income Tax exemption limit raised to Rs.50,000/- Salman 0 7,531 06-01-2012 12:48 PM
Last Post: Salman
  Punjab Development News :Application Form Jinnah Abadies Scheme of CM Shahbaz Sharif Salman 0 5,166 03-07-2012 01:26 PM
Last Post: Salman
  Lahore undergoes major ‘surgery’, Salman 0 1,186 02-11-2012 05:57 PM
Last Post: Salman
  CDA plan new residential sector near Park Enclave Islamabad for low income groups Salman 0 1,927 10-19-2011 12:37 PM
Last Post: Salman
  LHC orders NAB to return Sharif family’s property documents Lahore_Real_Estate 0 1,172 10-05-2011 01:22 PM
Last Post: Lahore_Real_Estate
  DHA Lahore Plots On Installments Application Form Lahore_Real_Estate 0 6,850 07-05-2011 12:36 PM
Last Post: Lahore_Real_Estate
  Federal excise, sales, income tax ordinances laid in NA Lahore_Real_Estate 0 1,302 06-16-2011 12:11 PM
Last Post: Lahore_Real_Estate
  Income tax threshold likely to be raised to Rs 350,000 Lahore_Real_Estate 0 965 06-01-2011 12:18 PM
Last Post: Lahore_Real_Estate
  What Kamran Lashari made Islamabd & What he is getting in Return (Javed Ch) LRE 0 1,405 04-29-2011 04:58 PM
Last Post: LRE
  Zulqarnain to return to Pakistan Lahore_Real_Estate 0 647 04-18-2011 12:52 PM
Last Post: Lahore_Real_Estate
  Rahat pays off fine; can return home Lahore_Real_Estate 0 913 02-21-2011 02:23 PM
Last Post: Lahore_Real_Estate
  Low income people to benefit from Ashiyana project: CM Lahore_Real_Estate 0 879 01-25-2011 12:05 PM
Last Post: Lahore_Real_Estate

Forum Jump:


User(s) browsing this thread: 1 Guest(s)