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Draft IT return form for companies issued

The Federal Board of Revenue on Monday issued a draft of income tax return form for companies for Tax Year 2013. In this connection, the FBR issued a SRO.772 (I)/2013. The Board has notified the draft income tax return form for companies by devising separate annexure like Annex- A-1, Annex B-1, Annex C-1, Annex D-1 Annex-E-1, Annex- F-1, Annex- G-1, Annex- H-1, Annex- J-1, Annex- K-1 and Annex- L-1, Annex M-1, Annex N-1 and Annex O-1.

Sources said the major advantage of simplifying main page of return will be to the small and medium companies with limited transactions/scope of business. Such categories of companies will comfortably complete the income tax return because in the electronic filing system of the FBR, the respective annexures are filled by the companies only when they conduct transaction of that particular nature. Now, the companies will only fill the relevant annexures saving their time by submitting a simple income return form.

According to the SRO.772(I)/2013, the draft of certain further amendment to the Income Tax Rules, 2002, which the Federal Board of Revenue proposed to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001(XLIX of 2001) has been published for the information of all persons likely to be affected, as required by sub-section (3) of the said section, and notice is hereby given that the draft will be taken into consideration by the Federal Board of Revenue after seven days of its publication in the official Gazette. Any objection or suggestion, which may be received from any person, in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue, the FBR added.

The review of the draft income tax return form revealed that the Annex- A-1 is related to the depreciation, initial allowance and amortisation (purchased assets); Annex B-1 deals with the carry forward and brought forward of unabsorbed depreciation, initial allowance, amortization and business losses (other than speculation business); Annex C-1 is related to the tax already paid including adjustments (including surcharge); Annex D-1 covers break-up of sales in case of multiple business; Annex-E-1 is related to the statement of assets and liabilities; Annex- F-1 deals with the foreign income; Annex- G-1 is related to the income/ (loss) from other sources; Annex- H-1 covers details of stock detail; Annex- J-1 is related to the transactions with non residents (to be filled by taxpayers whose transactions, in aggregate, with non-residents are more than 50 million during the tax year); Annex- K-1 deals with the bifurcation of income/ (loss) from business attributable to sales/receipts, etc, subject to final taxation and Annex- L-1 is related to the admissible/inadmissible deductions and adjustments; Annex M-1 deals with the determination of minimum tax payable on certain transactions; Annex N-1 is related to the request of taxpayers falling under PTR regime for availing normal tax regime (NTR) and Annex O-1 is related to the tax credits u/s 65B, 65D & 65E, experts added.

Copyright Business Recorder, 2013


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