Tax year 2023: Draft of ‘Individual Paper Return’ issued

ISLAMABAD: The Federal Board of Revenue (FBR) has issued the draft of the “Individual Paper Return” for the tax year 2023 for individuals deriving income under any head other than salary/business.

The FBR has issued the draft of the paper return through the issuance of the SRO745 (l)2023 here on Monday.

The FBR has also issued the draft of the manual wealth statement to be filed under section 116 of the Income Tax Ordinance 2001.

Under the new notification, the FBR has issued the draft of certain further amendments in the Income Tax Rules, 2002.

The income tax return has also specified the amount exempt from tax/subject to fixed/final tax and an amount subject to normal tax.

The FBR has also issued return of total income/statement of final taxation (IT-2) for individuals deriving income under the head business and any other head except salary.

The annex-A of the manual income tax return is related to the adjustable tax collected/deducted.

The annex-B of the manual income tax return deals with the manufacturing/trading/profit and loss account (including revenues subject to final/fixed tax) (separate form should be filled for each business), the FBR added.

The annex-C of the manual income tax return is related to the inadmissible/admissible deductions.

The annex-D of the manual income tax return deals with the initial allowance/amortization.

The Annex-F is related to personal expenses.

The manual declaration to be filed by the return filer says: “ I, in my capacity, as Self/Representative (as defined in section 172 of the Income Tax Ordinance, 2001) of Taxpayer named above, do hereby solemnly declare that to the best of my knowledge & belief the information given in this statement of the assets & liabilities of myself, my spouse(s), minor children & other dependents as on 30.06.2022 & of my personal expenditure for the year ended 30.06.2022 are correct & complete in accordance with the provisions of the Income Tax Ordinance, 2001, Income Tax Rules, 2002.”

Copyright Business Recorder, 2023