ISLAMABAD: Federal Board of Revenue (FBR) has finalized simple income tax return and wealth statement for small traders, sources said on Sunday.
The FBR has not issued officially the draft returns and wealth statement forms for traders but sources said that the draft had been finalized and would be issued soon.
The draft income tax return form has been simplified. The form is one-page with 15 entries to be filled.
The traders are required to basic information including name, address, business assets and number of employees and bank account number.
The description in required fields to be filed are included: turnover/receipts; cost of sales; opening stock; purchases; closing stock; other direct expenses; gross profit; overhead expenditure; net profit/taxable income; income from all other sources; tax chargeable; minimum tax; tax payable whichever is higher; tax already paid; net tax payable/refundable.
The wealth statement form has also been simplified with small amount of required information.
Draft income tax return form for traders:
Draft wealth statement form for traders: