KARACHI (June 18 2003) : The Central Board of Revenue (CBR) has initiated action to bring proposed amendments in the income tax return forms.
The Secretary (IT-Judicial), CBR, Agha Muhammad Shah, has forwarded the draft notification to trade bodies for comments and suggestions.
The notification relates to non-corporate and corporate income tax returns, employers certificate in lieu of return of income, wealth statement, statement of receipts/incomes subject to final taxation and annexes thereto.
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has convened a meeting here on June 21 to discuss the amendments proposed in the income tax return forms and seek views of the members affiliated with FPCCI to prepare comprehensive suggestions for onward transmission to the government for consideration.
The following draft amendments in the Income Tax Rules, 2002, proposed to be made will be published for the information of all persons likely to be affected thereby and notice will be given that the draft will be taken into consideration after 15 days of its publication.
Any objection or suggestion, which may be received from any person in respect of the said draft before the expiry of the period which will be mentioned, shall be considered by the CBR.
In rule 34, for sub-rule (2), the following shall be substituted, namely: 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.
In rule 34, for sub-rule (4), the following shall be substituted, namely: A return of income shall be accompanied by such documents, statements, certificates and annexes as specified in Part-VI of second schedule to these rules.
In clause (a) sub-rule (2) of rule 35, the figure “IV” shall be substituted by “III”.
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”.
In clause (a) of sub-rule (2) of rule 36, the figure “V” shall be substituted by “IV”. In sub-rule (1) of rule 39, the figure “VI” shall be substituted by “V”. Rule 44, shall be substituted by the following, namely; “44. Certificate of deduction from salary: 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 form designed for the purpose. It is captioned: Certificate of deduction of tax from income chargeable under the head salary.