Retailers, small traders: FBR issues 2-page return form, wealth statement

ISLAMABAD: Fulfilling a major demand of small businessmen and shopkeepers, the Federal Board of Revenue (FBR) has issued a simple two-page income tax return form and wealth statement for retailers and small traders having annual turnover up to Rs10 million for Tax Year 2020.

The FBR has also issued final income tax return forms for business individuals, salaried persons, Association of Persons, individual paper return and companies, for the Tax Year 2020.

Through the SRO 821(I)/2020, the FBR has issued draft of the simplified return of income for retailers for comments.

The FBR has issued a draft of two pages income tax return form and wealth statement for the retailers and small traders having annual turnover up to Rs10 million.

The FBR has issued SRO 822(I)/2020 on Tuesday to notify the final income tax return forms for business individuals, salaried persons, Association of Persons, individual paper return and companies for the Tax Year 2020.

The first page of simple return form for retailers/shopkeepers contains 15 columns, and second page of wealth statement contains 17 columns.

The first page of the income tax return form for small traders include basic information of business turnover/receipts; cost of sales; opening stock; purchases; closing stock; other direct expenses; gross profit; profit and loss expenses; total income; net profit/taxable income; tax chargeable; tax payable; tax already paid, and net tax payable/refundable.

The second page of wealth statement covers information of immovable assets; shop; moveable assets; business capital; investment/advance; cash in hand/bank; investment/advance; loan/liabilities; net assets; reconciliation of net assets; net assets current year; net assets previous year; increase/decrease in assets; income as per return other inflows (gift, loan, 15 remittance etc); outflows (gift, loan etc), and personal expenses information.

Copyright Business Recorder, 2020