ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday launched single page income tax return form for traders in order to facilitate this segment of the economy to comply with the mandatory requirement.
The FBR issued SRO 821(I)/2020 to launch the draft income tax return form for traders having turnover less than Rs10 million. The FBR invited comments on the draft return form from stakeholders to finalize the form.
In the single return form, the traders shall require to provide following details:
01. Business turnover/receipts
02. Cost of sales
03. Opening stock
04. Purchases
05. Closing stock
06. Other direct expenses
07. Gross profit
08. Profit and loss expenses
09. Total income
10. Net profit/taxable income
11. Tax chargeable
12. Tax payable whichever is higher
The traders shall also require to submit simple wealth return form. In this form the traders shall provide following details:
01. Immovable properties
02. Shop
03. Moveable assets
04. Business capital
05. Investment/advance
06. Cash in hand/bank
07. Investment/advance
08. Loan/liabilities
09. Net assets
10. Reconciliation of net assets
11. Net assets current year
12. Net assets previous year
13. Increase/decrease in assets
14. Income as per return
15. Other inflows (gift, loan, remittances etc.)
16. Outflows (gift, loan etc.)
17. Personal expenses
