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CBR issues draft of new income tax forms and certificates

ISLAMABAD (May 28 2003) : To collect complete information from the taxpayers, the Central Board of Revenue (CBR) has circulated draft of new income tax forms/certificates to all the stakeholders.

The CBR has proposed amendments in rule 34 and rule 44 of the Income Tax Rules 2002 through SRO 437(I)/2003 issued here on Tuesday.

The CBR has asked all concerned to furnish their comments within 15 days as after the due date, the draft will be taken as final for publication in the Official Gazette.

In this regard, the CBR has framed new income tax returns and wealth tax statements for the concerned persons.

Other revised forms include 'certificate of deduction of tax from income chargeable under the head salary'; form of return of total income for companies under the Income Tax Ordinance 2001; form of return of total income for individual/AOPs; employer's certificate in lieu of return of income; wealth statement under section 116 of the Ordinance 2001; statement under section 115(4) of income under Ordinance 2001 and forms of statements and annexes to be furnished along with returns of income to be filled by companies, individual, AOPs etc.

Following is the text of the draft amendment in Income Tax Rules 2002:

SRO 437(I)/2003.

The following draft amendments in the Income Tax Rules, 2002, proposed to be made in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), as required by sub-section (3) of the said section, are hereby published, for the information of all persons likely to be affected thereby, and notice is hereby given that the draft will be taken into consideration after fifteen days of its publication in the official Gazette.

2. Any objection or suggestion, which may be received from any person in respect of the said draft before the expiry of the aforesaid period, shall be considered by the Central Board of Revenue.

DRAFT AMENDMENT

In the aforesaid rules, –

(1) In rule 34, for sub-rule (2), the following shall be substituted, namely:-

“(2) A return of income as required to be furnished by a person under section 114 shall be in the form specified in Part-I (for companies) and Part-II (for individuals and association of persons) of the Second Schedule to these rules.”.

(2) In rule 34, for sub-rule (4), the following shall be substituted, namely:-

'(4) A return of income shall be accompanied by such documents, statements, certificates and annexes as specified in Part ___ of Second Schedule to these rules.”

(3) In clause (a) of sub-rule (2) of rule 35, the figure “IV” shall be substituted by “III”.

(4) In sub-rule (3) of rule 35, the words “Part-II of the First Schedule” shall be substituted by “Part-III of the Second Schedule”.

(5) In clause (a) of sub-rule (2) of rule 36, the figure “V” shall be substituted by “IV”.

(6) In sub-rule (1) of rule 39, the figure “VI” shall be substituted by “V”.

(7) Rule 44, shall be substituted by the following, namely:-

“44. Certificate of deduction from salary. – (1) The certificate of deduction of tax to be furnished under section 164 by a person paying income chargeable under the head “salary” shall be in the following form, namely:-

(8) The Second Schedule to these rules shall be substituted by the following, namely:-

B. List of documents

I. in the case of companies:-

(i) Statement u/s 115(4) (if applicable) – Statement of receipts/ incomes subject to final taxation.

(ii) Copies of

(a) audited financial statements (income statement and balance sheet) in accordance with the provisions of the Companies Ordinance, 1984 or any other statute under which incorporated, registered, formed or constituted alongwith auditors and management reports thereon;

(b) Charts of depreciation/ amortization as admissible under the Income Tax Ordinance, 2001.

(iii) Detail of prior year refund adjustment claimed, if any.

(iv) Application in prescribed form for income tax credit on foreign source income.

(v) Details of items of income mentioned in annexes.

(vi) Evidence of payment of

(a) tax deducted/ collected at source;

(b) advance tax paid u/s 147;

(c) tax paid with return u/s 137.

(d) Zakat;

(e) Workers welfare fund; and

(f) Donations/ investments in shares etc (for tax credits).

(vii) in case of a new taxpayer (without an NTN) NTN Registration Form.

II. In the case of individuals/ AOPs including salaried persons having other income:-

(i) Certificate of deduction of tax from income chargeable under the head “salary”.

(ii) Statement u/s 115(4) (if applicable) – Statement of receipts/ incomes subject to final taxation;

(iii) Wealth statement;

(iv) Copies of

(a) Manufacturing/ Trading Account and P&L Account;

(b) Receipts and expenditure statement;

(c) Charts of depreciation/ amortization as admissible under the Income Tax Ordinance, 2001;

(d) Balance sheet;

(e) Copies of personal account(s) of proprietor/ members;

(v) Evidence of payment of

(a) Tax deducted/ collected at source;

(b) Advance tax paid u/s 147;

(c) Tax paid with return u/s 137.

(d) Zakat;

(e) Expenditure on personal medical services;

(f) Any other exclusions from income, if any; and

(g) Donations/ investments in shares etc (for tax credits).

(vi) Detail of prior year refund adjustment claimed, if any.

(vii) Application in prescribed form for income tax credit on foreign source income.

(viii) in case of a new taxpayer (without an NTN) NTN Registration Form.

(ix) Any other document.”.

III. In case of individuals filing employer's certificate in lieu of return of income:-

(i) Evidence of payment of

(a) tax deducted/ collected at source;

(b) tax paid with return u/s 137;

(c) Zakat;

(d) Expenditure on personal medical services;

(e) Donations/ investments in shares etc (for tax credits);

(ii) Wealth statement (if taxable income exceeds Rs 200,000/-).

(iii) in case of new taxpayer (without an NTN), NTN registration form.

IV. In case of a taxpayer filing statement u/s 115(4) of the Income Tax Ordinance, 2001

(a) Prescribed certificate/ tax paid receipts.

(b) In case of new assessee (without an NTN), NTN registration form.”

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