Annex-D addition in draft IT return columns hailed

Income Tax Bar Association (ITBA) has hailed the addition of Annex-D pertaining to the details of personal expenses, in the draft income tax return. Talking to Business Recorder on Thursday, Ali A Rahim, president, ITBA said the Federal Board of Revenue (FBR) has introduced Annex-D in the draft income tax return, which is an attempt to plug revenue leakage.
He opined that the said income tax return would not only increase the revenue collection manifold but it would also encourage tax compliance culture in the society. Furthermore, he said that after the commencement of new income tax return, the taxpayers have to level their income in accordance with the expenditures, which would discourage tax avoidance besides creating healthy impact on the national exchequer.