Karachi Tax Bar Association (KTBA) has expressed resentment over the insertion of section 182A in Income Tax Ordinance 2001. According to KTBA, the section is going to inflict late filers two-fold as they would neither be included in active taxpayers list throughout the year nor would be allowed to carry forward loss.
It said that after hard persuasion of three years, FBR has agreed to withdraw section 214D from the ordinance and now this provision had been added, which the KTBA believed may haunt the taxpayers.
Moreover, it said that in the presence of other penal provisions, there was no justification for additional condemnation of a late filer under section 182A of the Ordinance.
Furthermore KTBA said that the FBR, which had a tradition to issue explanatory circular annually on amendments brought in Income Tax Ordinance 2001 through Finance Act, has not released the said guideline for last two months, creating difficulties for the taxpayers and tax consultants. It said that President KTBA Khalid Mehmood in this regard wrote a letter to the chairman FBR for the release of guidelines.
Comments
Comments are closed.