Income Tax Proposals 2021-22

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Federal Board of Revenue (the Board) in a circular dated 13 January 2021 has asked stakeholders to submit income tax proposals for upcoming finance bill 2021-22 with special focus on the following areas:

  1. Broadening of tax base for a wider participation in revenue generation efforts;
  2. Taxation of real income on progressive basis;
  3. Phasing out of tax concessions and exemptions;
  4. Removal of tax distortions and anomalies; and
  5. Facilitation of taxpayers and ease of doing business.
  6. Promoting equity in taxation by introducing measures where incidence of tax is higher on affluent classes.

The proposals should reach the Board in the prescribed format by 15 February. The Circular was distributed among various stakeholders including all chambers of commerce, industrialist, national accounting bodies and tax forums.

For further details, please click here.

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