AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

The Central Board of Revenue (CBR) has decided to accept income tax returns for ''tax year 2005'' without imposition of penalty up to October 31, 2005.
The CBR has also allowed the withholding tax agents to deposit the statements for the quarter ended on September 30, 2005 up to October 31, 2005.
The CBR on Saturday issued instructions to all Regional Commissioners of Income Tax (RCITs), Directors-General, Large Taxpayer Unit (LTU), Karachi/Lahore to implement these decisions.
The directive said that the CBR had observed that a large number of taxpayers were preoccupied because of their active engagement in relief work to alleviate problems arising in consequence of earthquake disaster.
Therefore, no penal action may be taken against the taxpayers, who have not yet been able to file returns of income, if the same are filed by October 31, 2005.
In another directive, the CBR has informed the regional offices that the ''Quarterly Statements'' as prescribed under SRO 641 of June 27, 2005, for the period ending on September 30, 2005 was due on October 15, 2005.
It had been represented to the Board that people were mostly engaged in relief work after the earthquake disaster and most of them may not have been able to file their statements to-date. The CBR examined the issue in view of the hardship face by the nation.
To facilitate the withholding tax agents, it has been decided that statements for the quarter ended on September 30, 2005 may be accepted up to October 31, 2005 without drawing any adverse inference.

Copyright Business Recorder, 2005

Comments

Comments are closed.