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Revenue Board to educate taxpayers on new income tax law

SIALKOT (November 05 2002) : The Central Board of Revenue is set to initiate taxpayers facilitation campaign this month across the country to educate taxpayers regarding the new Income Tax Ordinance effective from July 2002, said an official source.

The additional income tax commissioners (AITC) will hold a series of meetings with the chambers, trade associations, unions and taxpayers in their respective regions to educate them about the new income tax law and record-keeping rules.

He said that the new tax was not workable without maintenance of adequate books of account, documents and records by the taxpayers to support the assessment of income made by them and reported in the income tax return.

Elaborating the proposed meetings, the member said the AITC during these meetings would listen to the queries, problems and suggestions of the taxpayers.

All these suggestions would be reported by the AITC to the CBR for its final approval and solution, which would be notified soon.

Source said that AITC would pursue the taxpayers to maintain books of account, documents and records, which are the bare minimum to support the assessment of income and determination of tax liability made by the taxpayers.

These prescribed records were generally what a prudent person maintained for his own purpose irrespective of the fact whether he was engaged in business or profession, deriving income from salary, property, profit and dividends on investments or any other source.

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