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The Federal Board of Revenue (FBR) on Friday issued a simplified income tax return form for companies, Association of Persons (AOPs) and Individuals for Tax Year 2011.
The FBR uploaded the new income tax return form on the FBR web portal the same day. The FBR has also withdrawn its earlier SRO.793 and issued directions to the Pakistan Revenue Automation Limited to withdraw return form issued earlier from the FBR web portal immediately.
Sources told Business Recorder the FBR has sought details of personal expenditures from individual taxpayers in the new form. Along with number of family members/dependents, different personal expenses have been inquired from the individual taxpayer as per new Annex-D of the return form. Through new return form, taxpayers would be required to give details of the personal expenditures.
The FBR has also withdrawn the additional page of surcharge from the form and notified a more simplified method for calculation of surcharge as per new return form. The calculation method has been provided in the new form in line with the recently issued circular clarifying the income tax surcharge.
According to the Annex-D under the title "Details of Personal Expenses (for individual)" has also been introduced in the new return form. As per Annex-D, details of various personal expenditures have been sought from the individual taxpayers. Along with number of family members/dependents following personal expenses have been inquired from the individual taxpayer in the Annex-D:
1. Residence electricity bills
2. Residence telephone/ mobile/internet bills
3. Residence gas bills
4. Residence rent/ground rent/property tax/fire insurance/ security services/water bills
5. Education of children/spouse/self
6. Travelling (foreign and local)
7. Motor vehicle in use (whether owned or not) running and maintenance including lease rentals and insurance
8. Club membership fees/bills
9. Other personal and household expenses including repair/maintenance of residence, driver/servants, food, clothing, medical, marriages and functions.

Copyright Business Recorder, 2011

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