Less than Rs10m annual turnover: FBR issues simplified IT return form for small traders

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a simplified income tax return form for small retailers and shopkeepers having an annual turnover of less than Rs10 million.

The FBR has issued SRO1892(I)/2022 to propose amendments in the Income Tax Rules,2002, here on Thursday.

The new return form would be applicable for the tax year 2022. According to the simple return form, the traders/retailers have to declare basic information such as business turnover/receipts; cost of sales; opening stocks; purchases; other expenses; closing stocks; gross profits; profit and loss expenses and other information.

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Under the notification, the FBR has also prescribed a return form for the individuals and the association of persons (AoPs) having turnover up to Rs 50 million.

Through SRO1891(I)/2022, the FBR has prescribed the relevant form for taxpayers with regard to payment of tax on immovable properties under Section 7E – the tax on deemed income basis under the Income Tax Ordinance, 2001.

According to the form, the FBR has asked the taxpayers to specify the total value of the capital assets taxable under section 7E; deemed income under section 7E and tax on deemed income under section 7E. The form has also prescribed separate columns for the cost/declared value and fair market value of the immovable property.

This notification, containing the form, would be applicable for the tax year 2022, the FBR stated.

Copyright Business Recorder, 2022