The Federal Board of Revenue has yet not notified the new income tax return forms for Tax Year 2011 for companies, individuals and Association of Persons (AOPs) despite issuance of the draft about 15 days ago. It is learnt here on Monday that the FBR had issued an SRO(I)/2011 dated April 16, 2011 for issuance of income tax return forms for the companies, individuals and the AOPs.
The draft of the income tax return form for Tax Year 2011 was circuited for comments. The FBR had given 15 days period to the stakeholders to comment on the draft. However, despite passage of over 24 days, the FBR has not notified the final return for the Tax Year 2011.
The Board had introduced a new provision of 15 percent income tax surcharge in the draft of the income tax return forms for Tax Year 2011 for companies, individuals and Association of Persons (AOPs). Through the new return form, the FBR will collect 15 percent income tax surcharge from the said categories of taxpayers. The IT-2 form of return of income issued for the individuals and the AOPs has introduced a new column of tax computation for collection of 15 percent surcharge. According to the tax computation column, '15 percent surcharge on payable income tax' has to be mentioned by the individuals and the AOPs.
Similarly, IT-1 return of total income for companies has also introduced a new provision of '15 percent surcharge on payable income tax' under the Income Tax Ordinance 2001. Under both the return forms, the FBR has made separate columns for collection of 15 percent income tax surcharge from these categories of taxpayers. After promulgation of the Presidential Ordinance for collection of surcharge, it was a legal requirement to incorporate provisions pertaining to the 15 percent surcharge in the relevant income tax return forms for documentation purposes. The analysis of the new forms revealed that the IT-2 form of return of income for the individuals and the AOPs has introduced a new column for collection of 'tax on capital gains on disposal of securities'. Under the column of fixed tax, the return form has specified 'tax on capital gains on disposal of securities'.
The column further specify 'tax on capital gains on disposal of securities' in case holding period is up to 6 months, holding period 6-12 months and if holding period is more than one year. The income tax return form for companies has also specified a column for the advance tax deductible on purchase of tickets domestic air travel. The FBR has given 15 days to the stakeholders to comment on the draft of the income tax return form. According to the return form, any objection or suggestion which may be received from any person pertaining to the draft return before the expiry of the said period, shall be considered by the FBR. This notification shall be applicable for the Tax Year 2011, draft SRO added.
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