PTBA suggests changes in tax return draft

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested several changes to the draft of Income Tax Return for Tax Year 2013.

The bar, in a letter, has urged Federal Board of Revenue (FBR) Chairman Tariq Bajwa to rectify the illegal practice as rejecting income tax return without wealth statement is not permissible under the law.

PTBA President Munawwar Husaain Shaikh informed Tariq Bajwa that the income tax return couldn’t be filed on the automated system of the Pakistan Revenue Automated Pvt. Ltd (PRAL) without the prior submission of the wealth statement and settlement of Income Support Levy (ISL).

The bar said that the taxpayers had been demanding simplification of tax returns but regrettably it was not made in the new draft return. The bar also highlighted issues regarding correction in the draft income tax return including marginal relief, depreciation in Annexure A, and option of presumptive tax regime.