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Self Assessment Scheme openning date?
08-04-2010, 04:26 PM
Post: #1
Self Assessment Scheme openning date?
Hello all,

Can anybody please let me know by when I can start filing IT returns for year the year July2009 to June2010?
In other words by when Self-Assessment Scheme will open for this year?

I heard it is launched in August, can we have an exact date of launch?

Thanks,
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08-04-2010, 06:56 PM
Post: #2
 
DLight Bhai,

Income Tax return self assessment scheme k tahat hi jama karwaya jata hay,,,,

par abhi tak FBR nay return issue nahi kiya hay tax year 2009-10 k liye,

Laste date 30 September hoti hay return jama karwany ki
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08-04-2010, 08:57 PM
Post: #3
 
LapTop, thanks for your answer.

Do you have any idea about what date usually FBR declare to start accepting returns?

Kind Regards,
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08-04-2010, 09:03 PM
Post: #4
 
mery isab say 15 din k under under return issue kar dayna chayea.
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08-04-2010, 09:12 PM
Post: #5
 
Alright, I really appreciate your time to help all of us.
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08-04-2010, 09:15 PM
Post: #6
 
Thanks u ji
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08-05-2010, 08:40 PM
Post: #7
 
<b><center>Universal Self Assessment and Income Tax Ordinance, 2001</center></b>

Income Tax Ordinance, 2001 was promulgated on 13th September 2001. It shall come into force on July 01, 2002 and will be applicable from the said date. The new income tax law is in simple language and is easy to understand. You can now prepare your income tax return and compute your tax liability without any difficulty.

The new income tax law will bring a complete change in the philosophy of income tax proceedings and it will make life easier. The salient features are
No assessing officer will determine your income and compute your tax liability. Now you will yourself declare your income and determine your tax liability.

Your income tax return shall be accepted without any conditions. There will be no compulsory enhancement of tax liability over previous year to qualify for acceptance. Even your loss return shall also qualify for acceptance.

Filing of your income tax return itself will be an assessment order and your eligibility for refund will flow from your tax return.

A certain percentage of returns filed shall be selected for tax audit on the basis of risk assessment to verify the accuracy and correctness of your income tax return.

Tax audit will not necessarily mean an amendment of the assessment originally made based by you in your return of income.

Your original assessment can only be amended on the basis of information acquired during tax audit or any other source.

If selected for audit, there will be no pre-designated auditors to carry out audit. The officials making selection for audit will be different from those who do actual audit. In other words you have no designated Income Tax Officer holding jurisdiction on you.

Thus universal self-assessment in its true sense will be available to all taxpayers irrespective of quantum, status, location or size. This is the first such experience in this part of the world.

The new law and the universal self-assessment system will take away the discretionary powers of the tax collectors and place great responsibility and obligation on you as a taxpayer and an honorable citizen.

The new Income Tax Ordinance, 2001 and its salient features, briefly explained above, are not workable without adequate records to support the items reported by you on the income tax return and allied statements.

The Central Board of Revenue is fully aware of your (small taxpayers) problems and difficulties in maintaining adequate records. Therefore only bare minimum books of account; documents and records (that you generally maintain to run your business) have been prescribed.
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08-05-2010, 10:30 PM
Post: #8
 
Thanks once again!
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