Simplified Income Tax Return for manufacturers having turnover less than Rs. 500 millions
SRO 1316(I)/2020 is an Income Tax SRO dated 9 December 2020, listed by FBR as "Simplified Income Tax Return for manufacturers having turnover less than Rs. 500 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 9th December, 2020.
NOTIFICATION
(Income Tax)
S.R.O. 1316 (I)/2020.- 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. S.R.O. 1261(I)/2020, dated the 26th November, 2020 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-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
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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 ".
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- This Notification shall be applicable for the tax year 2020.
[F. No. 1(96)R&S/2020]
(Tariq Iqbal)
Secretary (Rules & SROs)
Related Income Tax SROs on return forms
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- SRO 822(I)/20208 September 2020Final Income Tax Return Forms for Business Individuals, Salaried Persons, AOPs, Individual Paper Return and Companies for Tax Year 2020
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