ISLAMABAD: The Federal Board of Revenue (FBR) has informed the traders’ community that a simple return form in Urdu language would be notified for small-scale retailers and shopkeepers.
Markazi Tanzeem-e-Tajiran President Pakistan Muhammad Kashif Chaudhry told Business Recorder that the income tax return form notified under the SRO 1955(1)/2022 would be applicable for the tax year 2022 for small retailers and shopkeepers having an annual turnover of less than Rs10 million. But this form is in English.
The FBR had issued SRO 1955(1)/2022 to amend the Income Tax Rules, 2002. However, the FBR is drafting an income tax return form in Urdu which may not be applicable for the tax year 2022. If the form in Urdu language is not notified timely, the same would not be applicable for the tax year 2022.
Muhammad Kashif Chaudhry further stated that FBR return form notified through SRO 1955(1)/2022 has been issued for small traders. First, the form should have been in Urdu language. Second, it should be simple in Urdu. The form issued under the SRO 1955(1)/2022 is in English language and therefore, it is not acceptable, he added.
New IT return form unveiled for small-scale traders
He added that the scheme which has been restored under the recently-promulgated Presidential Ordinance was not acceptable to the traders’ community. The association had shared the detailed plan of a simple fixed scheme with the FBR. The fixed tax scheme should be practical for small traders and shopkeepers across the country.
Under the SRO 1955(1)/2022, 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; electricity bills, cost of sales; opening stocks; purchases; other expenses; closing stocks; gross profits; profit and loss expenses and other information.
Copyright Business Recorder, 2022
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