AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

The Federal Board of Revenue (FBR) has decided to conduct desk audit of 315 corporate entities and business establishments which have claimed huge amount of income tax refunds of around Rs 4.4 billion as on October 9, 2008. Sources told Business Recorder on Monday that the desk audit of such returns was needed to avert any possibility of issuance of fraudulent refunds.
The desk audit would act as an effective deterrent against the possibility of issuance of inadmissible refunds, they added. The analysis of returns filed through FBR Web-Portal showed that 315 corporate returns were filed claiming refund of Rs 4.4 billion during the period under review. These refunds have been claimed by the corporate entities registered with the Large Taxpayer Units and various Regional Tax Offices across the country.
Keeping in view the extraordinary large amount involved in these refund claims, the FBR has decided that desk audit of such returns would be taken up on priority basis to take timely action to forestall possibility of issuing inadmissible refunds. Sources said that the FBR has also decided that 100 percent desk audit would be conducted in corporate cases claiming refunds in returns filed up to September 30, 2008.
In this connection, the FBR had issued instructions to all directors-general of Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to meet the target of 100 percent desk audit in corporate cases. The intention is to verify the documents submitted by all companies in the corporate sector through the information including returns available with the department.
The trend in the income tax returns and any discrepancy being detected during the exercise would be analysed to improve the compliance level and scrutinise returns on the basis of taxpayer''s information declared with the department. The performance of desk audit of corporate returns during the period of July 1, 2007 to June 30 2008 showed that over 61 percent desk audit of corporate cases was completed, which needed to be expedited.

Copyright Business Recorder, 2008

Comments

Comments are closed.