Tax year 2021: FBR issues draft income tax return form for individuals

ISLAMABAD: The Federal Board of Revenue (FBR) has issued the draft income tax return form for individuals, deriving income under any head other than salary/ business for tax year 2021.

The FBR has issued the draft return form through an SRO1022(I)/2021 to amend the Income Tax Rules 2002.

The FBR has also issued the draft of the wealth statement required to be filed under Section 116 of the Income Tax Ordinance 2001.

The Individual Paper Return for Tax Year 2021 is the return of total income under the Income Tax Ordinance, 2001.

The Annex-A of the manual return deals with the adjustable tax collected/ deducted.

The Annex-B is related to the manufacturing/trading/profit and loss account (including revenues subject to Final/Fixed Tax).

The Annex-C relates to the inadmissible/admissible deductions and Annex-D depreciation, initial allowance, amortization.

The Annex-D of the manual income tax return form is also related to the depreciation, initial allowance and amortization.

Copyright Business Recorder, 2021