Non-corporate business individuals, AOPs: FBR issues income tax return forms
The Federal Board of Revenue (FBR) on Thursday issued income tax return form for non-corporate business individuals, Association of Persons (AOPs) and salaried individuals for tax year 2013. According to SRO 799 ( I/2013) issued on Thursday. The FBR has separately issued retailer's statement u/s 115(4) of the Income Tax Ordinance, 2001 for retailers (individuals & AOPs) having annual turnover up to Rs 5 million but not having any other taxable source of income.
Copyright Business Recorder, 2013
The FBR has also issued wealth statement under Section 116 of the Income Tax Ordinance 2001. According to the FBR's instructions issued to the individuals and AOPs for filing of income tax return for Tax Year 2013, for the sake of convenience of taxpayers, the Return of Total Income/Statement of Final Taxation and Wealth Statement has been combined. Eleven (11) pages are prescribed for Return and five (5) pages for Wealth Statement. Moreover, taxpayers are not required to fill all the pages and only Annexes applicable to a particular taxpayer are to be filled. For example, along with Wealth Statement:
a) Small retailers (Individuals having annual turnover of up to Rs 5 million) should only submit single pager IT-4 Form.
b) Salaried persons have to submit IT-2 form with Annex-B and Annex-D only.
c) Persons deriving income from property have to submit IT-2 form with Annex-B and Annex-D only.
d) Persons falling under Presumptive Tax Regime (PTR) such as Commercial Importers, Transporters, etc have to submit IT-2 form with Annex-B and Annex-D only. Remaining Annexures (A, C, E, F, G, H & J) are required on case to case basis where complex business scenario such as Depreciation, Amortization, Multiple Business, Minimum Tax, Conversion from PTR to Normal Tax Regime, etc are involved, FBR said. For further facilitation of taxpayers, following modes of submitting the returns/statements are offered:
a. *Electronic Filing at eFBR Portal (https://e.fbr.gov.pk )
b. Submitting paper return at Taxpayer Facilitation Counter of the respective Regional Tax Office. The paper return form can be downloaded from FBR Website by visiting http://www.fbr.gov.pk. Following two types of forms are available:
i) Formulae Version in Excel Format
ii) Return Form without formula
The filing of return electronically is mandatory for all AOPs, Sales Tax Registered Persons, Refund Claimants and Salaried Persons having annual income of Rs 500,000 or more. However, all others are also encouraged to file the returns electronically. The taxpayers can seek guidance through following modes:
c. 24-Hrs Help line 051 111-772-772
d. Office Hours Helpline 0800 00 227, 051 111-227-227
e. By visiting the nearest Taxpayer Facilitation Centre (TFC), list of TFCs can be downloaded from FBR website at http://www.fbr.gov.pk