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Home | Press Release
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FBR proposal: GST-registered persons to file IT returns electronically |
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May 3, 2010, 05:02:43 AM |
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday proposed amendments in the Income tax Rules, 2002 which seeks to make it mandatory for the sales tax registered persons and Association of Persons (AoPs) to file their income tax returns electronically from July 1, 2009 onwards. In this regard, the FBR authorities have issued the text of proposed amendments through S.R.O. 626 (I)/2009 issued here on Tuesday and sought suggestions or objections, if any, within next 15 days. After examining the suggestions or objections received from taxpayers within next fortnight, the FBR would notify amendments in the IT Rules. SRO issued to this affect states that in exercise of the powers conferred by section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001) the following amendments are proposed to be made in the Income Tax Rules, 2002, and is published for all the persons likely to be affected thereby and notice is given that the amendment will be taken into consideration after fifteen days of its publication in the official gazette. The following amendments are proposed to be made in the Income Tax Rules, 2002, and is published for all the persons likely to be affected thereby and notice is given that the amendment will be taken into consideration after fifteen days of its publication in the official Gazette. The Federal Board of Revenue shall consider any objection or suggestion, which may be received from any person, in respect of the said amendment before the expiry of the aforesaid period. Its worth to mention here that the sales tax registered persons and AoPs are supposed to file their income tax return for the income year 2008-09 by September 30, 2009. Incase the proposed amendments are finally notified as mentioned above, the organised sector would be required to file their income tax returns electronically. Electronic filling of income tax returns is a key aspect of ongoing tax administration reforms aiming at facilitating taxpayer community to discharge their tax obligation without any hassle. Filling of income tax returns electronically would also help FBR authorities not to under go for data entry exercise of income tax returns to be filed under Universal Self Assessment Scheme. Income Tax returns filed electronically by the said taxpayers would help the authorities to process them under the proposed benchmarks or parameters set for further ion of returns for total audit. Some 4 percent returns of the potential taxpayers would be ed through random computer balloting for audit and the government has already arranged engagement of third party (private audit firms) for audit of taxpayers this year. According to the decision of the government audit in 2009-10 would be based on past one years accounts of the taxpayers as against the earlier 5 years. sajid chaudhry |
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