Revenue Board clarifies returns filing issues

ISLAMABAD (September 24 2003): Clarifying issues relating to filing of income tax returns, the Central Board of Revenue (CBR) has directed all Regional Commissioners of Income Tax (RCITs) that income tax returns already filed through SRO 437 prior to the issuance of SRO.861 should be treated as valid.

The CBR was responding to queries pertaining to filing of returns, wealth statements, statement u/s 115(4) in the old form, instead of those prescribed through SRO.861 of September 1, 2003.

The CBR has directed RCITs that the wealth statements filed along with reconciliation on the format prescribed under rule 191 of the repealed Income Tax Rules, prior to the issuance of notification vide SRO No 861 should be considered as valid.

Those taxpayers falling in the regime of presumptive tax where the amount of tax deduction is less than Rs 1000 should not be required to file statements under section 115(4) if they are otherwise not liable to file return under section 114.

The CBR has also issued separate instructions pertaining to submission of employers' certificate under Income Tax Rules 2002.

Rule 45 of the Income Tax Rules 2002 requires an employer to furnish to the Commissioner within two months after the end of the financial year a copy of each employer's certificate issued for the year.

The Board has been apprised that the employers have already furnished such certificates to the employees as well as annual statements to the department.

It is, therefore, argued that this requirement will be an extra burden on the employers, involving additional paper work.

The department has considered the issue in the light of presentations and it has been decided that in such cases, filing of each employer's certificate shall not be insisted by the income tax department.

Related Articles

Back to top button
Stay up to date
Don't miss out on the latest industry news and articles
Stay up to date
Don't miss out on the latest industry news and articles
You are Subscribed!
Your subscriptions means a lot to us.
Don't miss out on the latest Industry news
You are Subscribed!