Draft Simplified Income Tax Return for Manufacturers having turnover less than Rs. 50 millions
SRO 1261(I)/2020 is an Income Tax SRO dated 26 November 2020, listed by FBR as "Draft Simplified Income Tax Return for Manufacturers having turnover less than Rs. 50 millions".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
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GOVERNMENT OF PAKISTAN
REVENUE DIVISION
FEDERAL BOARD OF REVENUE
Islamabad, the 26th November, 2020.
NOTIFICATION
(Income Tax)
S.R.O. 1261 (I)/2020.- The following draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published for information of all persons likely to be affected thereby and, as required by sub-section (3) of the said section 237, notice is hereby given that objections or suggestions thereon, if any, may for consideration of the Federal Board of Revenue be sent within seven days of publication of the draft in the official Gazette. 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 considered by the Federal Board of Revenue, namely:-
DRAFT AMENDMENTS
In the aforesaid Rules, in the Second Schedule, after Part-II-R, the following new Part-II-S shall be added, namely:-
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"Part II-S
SIMPLIFIED RETURN OF INCOME FOR MANUFACTURERS HAVING TURNOVER LESS THAN RS. 50 MILLIONS
(Individuals and AOPs Only)
Form A
| NAME OF THE TAXPAYER | |
| STATUS | |
| NTN | |
| ADDRESS | |
| OWNERSHIP |
| Description | Total Amount | ||
|---|---|---|---|
| 1 | Gross Sales excluding ST/FE | 3009 | |
| 2 | Cost of Sales | 3030 | |
| 3 | Opening Stock | 3039 | |
| 4 | Purchases (Domestic / Imports) | 3059 | |
| 5 | Closing Stock | 3099 | |
| 6 | Other direct expenses | 3083 | |
| 7 | Gross Profit | 3100 | |
| Profit & Loss Expenses | 3180 | ||
| 3199 | Calculated - Not visible to Taxpayer | ||
| Total Income | 9000 | Calculated - Not visible to Taxpayer | |
| Inadmissible Tax Deductions | |||
| Admissible Tax Deductions | |||
| Deductible Allowance | |||
| Net Profit/Taxable income | 9100 | ||
| 11 | Tax Chargeable | 9200 | |
| Tax Credit | |||
| 13 | Tax payable whichever is higher | 9203 | To be calculate by the system |
| 14 | Tax already Paid- elec-tel-other (add in description these codes / desc) | New Code | |
| Electricity | 64140101 | 235 | |
| Telephone | 64150001 + 64150002 + 64150003 | ||
| Others | New Code | All other codes except above three categories | |
| 15 | Net tax payable/refundable | 9203 | |
| 9210 | |||
| Verification | I Mr. holding CNIC do solemnly declare that to the best of my knowledge and belief the information given in this Return is correct and complete in accordance with the provisions of the Scheme. |
Signature Date
Page 3
Form B
WEALTH STATEMENT FOR THE MANUFACTURERS HAVING TURNOVER UPTO RS. 50 MILLIONS
| S.No. | |||
|---|---|---|---|
| CNIC/NTN | Tax Year | ||
| Name | Due Date | ||
| 1. | Immovable Assets | ||
| 2. | Manufacturing Unit | ||
| 3. | Moveable Assets | ||
| 4. | Business Capital | ||
| 5. | Investment/Advance | ||
| 6. | Cash in hand/ Bank | ||
| 7. | Investment/ Advance | ||
| 8. | Loan/liabilities | ||
| 9. | Net Assets | ||
| 10. | Reconciliation of Net Assets | ||
| 11. | Net Assets Current Year | ||
| 12. | Net Assets Previous Year | ||
| 13. | Increase/Decrease in Assets | ||
| 14. | Income as per Return | ||
| 15. | Other inflows (Gift, Loan, remittance etc) | ||
| 16. | Outflows (Gift, Loan etc) | ||
| 17. | Personal Expenses | ||
| Verification | I Mr. holding CNIC do solemnly declare that to the best of my knowledge and belief the information given in this Return is correct and complete in accordance with the provisions of the Scheme. |
"
Signature Date
Page 4
- This Notification shall be applicable for the tax year 2020.
[F. No. 1(96)R&S/2020]
(Tariq Iqbal)
Secretary (Rules & SROs)
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