Federal Board of Revenue has released the new income tax return form for tax payers. For this purpose, FBR has issued notification yesterday in which it is told that all the stakeholders will have to give their opinions within 15 days while the objections will not be accepted after 15 days and this form will be implemented.
Annexure and forms for individual tax payers, association of persons and all other categories are present in the new form. Apart from that, wealth statement and re-cancellation statements are also present where they have to provide details of personal land and expenditures and of their dependents. This will include electricity, water, gas, other utility bills, educational expenditure of children and details of expenditure of their personal and wife’s expenditure. They will also provide details of profit and loss for property’s sale and purchase, taxes on their land, insurance premium and details of agricultural income including income tax on agricultural income.
Apart from that, the details of NGOs and other such organizations, pension fund, manufacturers and other such projects will also have to be provided in this form.