The Central Board of Revenue (CBR) has announced that the taxpayers carrying on business of 'Oil Milling' would operate under normal 'tax year' from July 1 to June 30. Official sources told Business Recorder that the Special Tax Year from September 1 to August 31 specified for the taxpayers carrying on business of 'Oil Milling' has been withdrawn. Now such taxpayers have also to adopt normal tax year from July 1 to June 30.
Following is the text of the notification issued on Saturday: In exercise of the powers conferred by clause (I) of sub-section (2A) of section 74 of the Income Tax Ordinance, 2001(XLIX of 2001), the Central Board of Revenue is pleased to rescind its Notification No SRO.89(I)/80, dated 21st January, 1980 with immediate effect.
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