New IT calculation facility to benefit 0.5 million taxpayers

Around 500,000 taxpayers can avail a new facility of the Federal Board of Revenue (FBR) to automatically calculate the due amount of income tax on new income tax return forms with an in-built computation formula for Tax Year 2012. Sources told Business Recorder here on Tuesday that the FBR had introduced a new income tax return form (IT-2).
The calculation formula has been specified in the return form. Persons who are not required to file their income tax returns electronically can avail the facility of the automatic computation of tax under the new income tax return form. Categories of taxpayers eligible to use new version of income tax returns include all individuals who are not registered with the sales tax department and salaried persons having annual salary income less than Rs 500,000, but earning income from other sources like rental incomes and business incomes etc. These persons can manually file their income tax returns and can use this version of automated computation of tax.