ISLAMABAD (July 13 2003) : The Central Board of Revenue (CBR) on Saturday issued the income tax return form for individuals and Association of Persons (AOPs) after getting approval from Finance Minister Shaukat Aziz.
A press release issued by the CBR said that the return form is exactly the same as already in practice/used by individuals and AOPs.
The changes were necessitated by the abrogation of Income Tax Ordinance, 1979 and its replacement by the Income Tax Ordinance 2001.
The CBR has included some blocks in the form to facilitate the ongoing automation process without disturbing the contents of the existing return forms.
To ensure easy availability of these forms, the CBR has dispatched the format of the forms to Regional Commissioners of Income Tax (RCITs), who would engage private companies to print return forms strictly adhering to the contents of pro forma.
These printers would also be allowed to sell these forms at a reasonable price in the market.
In the summary of return forms given at the bottom of page 2, individual/AOPs would have to give amount to be deposited under taxable income, total tax chargeable, tax deducted/collected at source, advance tax paid U/S 147, tax paid with return U/S 137, value or opening stocks, purchases during the year, sales/receipts during the year, value of closing stocks, gross profit, net profit and income last assessed/declared.
Other information includes computation of income, computation of tax, income claimed to be exempt and not included in the total income, particulars of members/partners (for AOPs), statement of personal expenditure (for individuals only) including expenditure incurred/bills paid pertaining to mobile phones, residential phones, residential electricity, residential gas, educational expenses of children, number of motor vehicles.
The authorities have placed these return forms on CBR's Website (www.cbr.gov.pk) to facilitate business concerns/general public.