MH Insights

Introduction Federal Board of Revenue (FRB) issued a Statutory Regulatory Order ( SRO ) 12 61 ( I ) 2020 on 2 6 November 2020 for a draft amendment in Income Tax Rules, 2002. The SRO proposes to introduce simplified income tax return form along with wealth statement for individuals and association of persons. Snapshot Reference No. SRO 1261 (I)/2020 Description Simplified return of income for manufacturer having turnover less than Rs. 50 million Date of Issuance 2 6 November 2020 Amendment Income Tax Rules, 2002 Objective To simplify return of income tax and accompanying wealth tax statement for manufacturers having turnover upto Rs. 50 million Effective date It is the draft published by FBR to seek suggestions from the affected persons within seven days. However, final amendment will be applicable in tax year 2020.   For furt...

  After years of allowing multiple extensions in the dates of filing the income tax return due to errors in online form, Federal Board of Revenue (FBR) has finally decided to stop that ritual. In routine, FBR finalizes and uploads income tax return form after the close of a financial year to which the Return relates. As soon as the return goes online, stakeholders from business, industry, bars and accounting profession start identifying errors in return form and ask for extension in the date of deadline for filing the return. So, FBR has issued rule for time limit for notifying income tax return in order to avoid giving repeated extensions in the return filing date. Following is the brief introduction of the law: Snapshot Reference No. SRO 1185 (I)/2020 Description Rule 34A. Time limit for notifying income tax return form Date of Issuance 06 November 2020 Amendment Income Tax Rules, 2002 ...