Tax Year 2011: draft of new tax return forms issued

The Federal Board of Revenue has issued the draft of the new income tax return forms for individuals, Association of Persons (AOPs) and companies for the Tax Year 2011. In this connection, the FBR has proposed amendments in the Income Tax Rules 2002 through an SRO (I)/2001 here on Monday.
These return forms for Tax Year 2011 were already notified couple of weeks ago. Based on the feedback received from the taxpayers and tax consultants, further improvements have been made in the return forms. The most important change in the new return form is comprehensive provision of computation of minimum tax applicable on import of edible oil under section 148 of the Income Tax Ordinance 2001, import of packing material and services under section 153 (6) of the Ordinance 2001. As such there is no major change in the return forms except elaboration of minimum tax chargeable, therefore the return will take its finality after three days period as notified by the Board.