New income tax return forms for companies

The resident companies have to submit particulars of their directors in the proposed income tax return forms to be notified by the Central Board of Revenue (CBR). The Board has drafted new income tax return forms pertaining to ''total income'' for the companies to collect maximum information of the corporate sector.
The authorities have amended the Income Tax Rules, 2002, through SRO. 701(I)/2006 issued here on Thursday. The draft has been circulated to all stakeholders, including Regional Commissioners of Income Tax (RCITs) for comments within seven days, which would be incorporated in the new form. The companies have to submit the details about the adjustment of minimum tax paid during the past years under the proposed form.
The data columns includes ''tax year'', balance brought forward, adjusted against tax for the current year, expired (not available for carry forward) and balance carried forward.