SLAMABAD (December 25 2005): The corporate companies would not be required to submit supportive documents along with the income tax returns filed electronically for the 'tax year 2005' during current month.
Official sources told Business Recorder on Saturday that the multinational companies and other corporate entities are required to submit additional documents along with the manually filed income tax returns. In case of electronic filing, the CBR is likely to give concession to the companies to e-mail income tax returns without attaching documents.
However, the income tax practitioners/chartered accountants working on behalf of taxpayers may retain such documents for record purposes. On the demand of income tax department, the taxpayers would be required to submit the necessary papers.
They said that the scheme of electronically filed income tax returns would be more organised as compared to sales tax, where mandatory filing created panic among the business community.
Secondly, there is need of co-ordination between the tax officials and technical teams dealing with the e-filing project for successful implementation of these projects. The schemes could not be successfully launched unless and until the tax department exchanges information pertaining to electronic filing with the technical team.
Officials said that CBR would shortly launch a countrywide campaign to educate the taxpayers on e-filing of income tax returns, while all necessary arrangements have been finalised to ensure easy access to those interested in filing returns under the new system.
The facility would effectively check the large queues of people waiting for filing of returns in the last days. Once the decision is properly implemented, it would drastically reduce the crowd presently manually filing tax returns.
Tax practitioners, lawyers and taxpayers would be able to directly buy 'digital signatures' from Nift for electronic filing of returns. The CBR will issue computerised receipts to the taxpayers to ensure proper filing of returns under the new system.
According to CBR, a return of income filed electronically on the web or any magnetic media or any other computer-readable media, as be specified by the Board, shall also be deemed to be a return.