S.R.O. 799(I)/2013, dated 17-9-2013

Amendments shall be made in the Income Tax Rules, 2002 S.R.O. 799(I)/2013, dated 17-9-2013:- In exercise of the powers conferred by sub-section(1) of section 237 of the Income Tax Ordinance, 2001(XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. 739(I)/2013, dated the 26h August, 2013 as required by sub-section(3) of section 237 of the said Ordinance namely:- In the aforesaid Rules, in the Second Schedule, after Part-II C, the following shall be inserted, namely:- FEDERAL BOARD OF REVENUE RETURN OF TOTAL INCOME/STATEMENT OF FINAL TAXATION General Instructions for Individual/AOP TAX YEAR 2013 1. For the sake of convenience of taxpayers, the Return of Total Income Statement of Final Taxation and Wealth Statement has been combined. Eleven(11) pages are prescribed for Return and five(5) pages for Wealth Statement. Moreover, taxpayers are not required to fill all the pages and only Annexes applicable to a particular taxpayer are to be filled. For example, along with Wealth Statement. a) Small retailers(Individuals having annual turnover of up to Rs. 5million) should only submit single pager IT-4 Form. b) Salaried persons have to submit IT-2 form with Annex-B and Annex-D only. c) Persons deriving income from property have to submit IT-2 form with Annex-B and Annex-D only d) Persons falling under Presumptive Tax Regime(PTR) such as Commercial importers, Transporters etc. have to submit IT-2 form with Annex-B and Annex-D only. Remaining Annexures(A, C, E, F, G, H J) are required on case to case basis where complex business scenario such as Depreciation…