FBR launches single page return form for traders

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

Leave a Reply

You have to agree to the comment policy.