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Friday, March 1, 2024

FBR issued further amendments to the Income Tax Rules, 2002

As per the draft paper return, a taxpayer will require to file wealth statement along with the annual return.

The Federal Board of Revenue (FBR) has issued a draft of certain further amendments to the Income Tax Rules, 2002 which the FBR proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001.

The draft individual paper return for tax year 2022 has been issued through SRO 1612(I)/2022.

FBR has welcomed objections or suggestions from the relevant stakeholders to be sent within seven days of publication of the draft in the official Gazette for the consideration of the FBR.

Read more: The misuse of taxation in Pakistan

As said in the notification, “objections or suggestions which may be received from any person in respect of the said draft, before the expiry of the aforesaid period, shall be taken into consideration by the FBR.”

Moreover, it is also mentioned that individual paper return for tax year 2022 will be filed by individuals, deriving income under any head other than salary or business.

In a press statement issued on Friday, FBR has further stated that taxpayers are provided complete guidance about filling all the required particulars in the form. The Income Tax Returns can be filed online also through smart phones by installing the Tax Aasaan application from Google Play Store/App Store.

However, to maximize general awareness, a media campaign will soon be launched for taxpayers’ facilitation and public awareness. The Salaried/ Business Individuals & AOPs can file their Income Tax Returns by 30th September, 2022 whereas companies can file Income Tax Returns according to their due dates.

As per the draft paper return, a taxpayer will require to file wealth statement along with the annual return. The wealth statement requires information regarding precious possession, household effect, cash etc.

It also requires individuals to report assets held in other names, total assets held within Pakistan, and assets held outside of Pakistan.