Amjad Jamshed, income tax commissioner, Zone-E, Karachi, has said that the Income Tax Ordinance-2001 is taxpayer-friendly and accommodates all those, who file tax return either showing profits or losses under the universal self assessment scheme.
He was speaking at the inauguration of tax facilitation center in Mateen Center at Tariq Road on Thursday. Local shopkeepers attended the inauguration in a large number. Jamshed said that under the USAS certain troublesome conditions that were earlier in vogue had been removed from the IT Ordinance 2001.
He said, unlike earlier years, when certain conditions were required to be fulfilled to qualify for the USAS, under the IT Ordinance 2001, all returns filed by the taxpayers by the due date and complete in all respect are acceptable irrespective of the quantum of income declared.
He said that the USAS was so liberal that even returns showing losses and returns declaring income below taxable limit were also acceptable.
He said that to facilitate taxpayers, the acknowledgement receipt issued by the Income Tax Department serves as an assessment order.
He asked the shopkeepers to draw benefits from the USAS and file IT returns if they had not filed it so far.
President of Tariq Road Traders Welfare Association Mohammed Aslam Bhatti and Vice President Sikander Zamir and a large number of the shopkeepers were present on the occasion.
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