Simplified return of income for manufacturer

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Introduction

Federal Board of Revenue (FRB) issued a Statutory Regulatory Order (SRO) 1261 (I) 2020 on 26 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

26 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 further details, please click here.

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