ISLAMABAD (September 24 2003): The Central Board of Revenue (CBR) has decided that short-payment of tax would not form the basis for audit selection under the Universal Self-Assessment Scheme (USAS).
The CBR on Tuesday issued a directive to all Regional Commissioners of Income Tax (RCITs) that short-payment of tax would not be considered as a ground for selection of cases for audit.
The Board has received a number of queries from chartered accountant firms and tax practitioners as to whether cases of short-payment of tax along with the return for the tax year 2003 would be selected for total audit.
The matter was examined in the Board and it has been decided that short-payment of tax would not be considered as an instrument to pick cases for audit purposes.
All RCITs should issue necessary instructions to the concerned taxation officers for immediate compliance, CBR added.