KARACHI: The Federal Board of Revenue (FBR) on Thursday issued an easy way for manufacturers with a turnover of less than Rs 50 million to file income tax returns.
The FBR has issued SRO 1261 (I) / 2020 to introduce a draft income tax return for manufacturers, which is a one page page that would require very little information about income during a year. Are
Another one page wealth statement form has also been introduced to facilitate small scale manufacturers.
The draft return form applies to individuals and the Association of Persons (AOPs) with a turnover of less than مل 50 million. The FBR may issue a final return form seven days after the issuance of this draft return form.
The return form will be applicable for the tax year 2020, despite the fact that the last date of the said year is December 8, 2020.
FBR sources said that the simplest return form was launched to make it easier for the business community to submit income tax returns. He added that the return of one page would facilitate business.
The draft return form requires basic information such as name, NTN, address, etc. Further, the draft return form also requires manufacturers to provide details of gross sales, stock position, domestic / import purchases and gross profit.
Manufacturers are also required to provide details of deductions, allowances and tax credits within a year.
The one-page draft wealth statement form requires manufacturers to provide details of immovable assets, manufacturing units, movable assets, business capital, assets, etc.
Earlier in September 2020, the FBR had issued easy return forms for retailers / vendors with a turnover of less than Rs 100 million.