AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.04 Decreased By ▼ -0.95 (-0.74%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.55 Increased By ▲ 0.07 (0.83%)
DFML 41.44 Decreased By ▼ -0.04 (-0.1%)
DGKC 86.85 Increased By ▲ 0.27 (0.31%)
FCCL 32.28 Increased By ▲ 0.14 (0.44%)
FFBL 64.80 Decreased By ▼ -0.62 (-0.95%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 Decreased By ▼ -0.92 (-0.83%)
HUMNL 14.68 Decreased By ▼ -0.07 (-0.47%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.46 Increased By ▲ 0.34 (4.78%)
MLCF 41.38 Decreased By ▼ -0.27 (-0.65%)
NBP 60.41 Increased By ▲ 0.32 (0.53%)
OGDC 190.10 Decreased By ▼ -4.59 (-2.36%)
PAEL 27.83 Decreased By ▼ -0.12 (-0.43%)
PIBTL 7.83 Decreased By ▼ -0.17 (-2.13%)
PPL 150.06 Decreased By ▼ -1.11 (-0.73%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 Increased By ▲ 0.07 (0.44%)
SEARL 86.00 Increased By ▲ 7.80 (9.97%)
TELE 7.71 Increased By ▲ 0.32 (4.33%)
TOMCL 35.41 Decreased By ▼ -0.26 (-0.73%)
TPLP 8.12 Increased By ▲ 0.21 (2.65%)
TREET 16.41 Increased By ▲ 0.52 (3.27%)
TRG 53.29 Increased By ▲ 0.53 (1%)
UNITY 26.16 Decreased By ▼ -0.39 (-1.47%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,884 Decreased By -36.4 (-0.37%)
BR30 30,600 Decreased By -151.5 (-0.49%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

The filing of revised income tax returns under Universal Self Assessment Scheme (USAS) would not be considered as a criterion for selection of cases for field audit of medium and small taxpayers. Sources told Business Recorder on Monday that the taxpayers should not be afraid of revising the returns, if required.
This revision has not been incorporated in the selection parameters for field audit. However, if anything unusual has been detected during desk audit of revised returns, further scrutiny may be required. Desk audit is being carried out using the information available with the Regional Tax Office/department.
If a taxpayer thinks that a major portion of his income was not specified in the return, or he had claimed excessive expenses, he can revise the return. But this change in the revised return would not be considered as a big mistake. The FBR would issue letters to the taxpayers to rectify small mistakes in returns minimising direct interaction.
The main reason for field audit is to detect those potential taxpayers who have been deliberately paying very little amount as taxes as compared to amount due. Others conceal their income, or persistently declare losses, to evade the authorities, violating rules and regulations, sources said.
The board has developed a computer software to document the performance of sales tax auditors auditing medium and small taxpayers on daily basis. Auditors would be bound to submit their daily performance, which cannot be changed. The FBR Audit, Direct Taxes and Sales Tax Wings can daily check the auditors' performance. The information demanded/examined and analysis conducted by the auditors would be made part of the software. In this situation, it would be impossible for the auditors to harass the taxpayers.
"If an auditor has detected something unusual during initial stages of audit, it would be specified in the software. Later, this information cannot be altered, eliminating chances of corrupt practices by the auditors", sources said.

Copyright Business Recorder, 2007

Comments

Comments are closed.