Universal Self-Assessment Scheme has after its introduction brought more persons under tax net and the number of annual income tax returns has increased from 1 million to 1.4 million within last three years. Member Direct Taxes Revenue Board, Salman Nabi, stated this while addressing the Industrialists and Traders at Gujranwala Chamber of Commerce and Industry (GCCI).
The meeting, which was chaired by President GCCI, Ikhlaq Ahmad Butt, was attended by taxpayers in large number besides tax officials. Salman Nabi maintained that the CBR has recovered Rs 704 billion as against target of Rs 690 billion. Throwing light on withholding tax and desk audit, he said that withholding tax would stay.
He further argued that as against millions of persons earning taxable income only 1.4 million were paying taxes. He further said that withholding tax is adjustable and there is no harm in retaining it. As to desk audit, he said that it was not meant to embarrass taxpayers. As to refund he told that besides State Bank the National Bank had also started on line service through which refund can be adjusted to personal account on the basis of NIC number only. This will end delay in refund.
Ikhlaq Ahmad Butt in his welcome address highlighted problems being faced by taxpayers.
Comments
Comments are closed.