FBR urged to defer introduction of new tax return forms

Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to defer the introduction of the proposed tax returns form till next year. According to a KTBA letter sent to the chairman FBR, it would be difficult to prepare account books as per the desired heads stipulated in the proposed tax returns. It said the proposed form was presently only for individuals, albeit most retailers were running their businesses as partnerships.
It suggested that the 'AOP' retailers should also be covered in the said form. Moreover, it said the column for 'opening stock' and 'closing stock' should not be the part of these forms, as most small shops do not keep proper records of stock for the year.
The KTBA suggested that after inclusion of Annexure 'E', the word Excluding depreciation / including propitiate FTR income should be deleted while foreign remittance should also been mentioned along with proof. It also urged the board to issue a clarification to remove ambiguity on the category of services of zero-rated taxpayers.