AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

Persons who paid tax under the amnesty scheme, but failed to make declarations within the due date, have been allowed to take credit of the said tax in their income tax returns for the Tax Year 2018. The FBR has issued circular number 7 of 2018 Wednesday.
According to the FBR, under sections 5 and 6 of the Voluntary Declaration of Domestic Assets Act, 2018 and Foreign Assets (Declaration and Repatriation) Act, 2018 a declarant was required to make declaration to the Federal Board of Revenue by the due date. The due date was 30th June, 2016 under section 6 of the aforesaid Acts. However, the aforesaid section was amended through Presidential Ordinances namely the Voluntary Declaration of Domestic Assets (Amendment) Ordinance, 2018 and the Foreign Assets (Declaration and Repatriation) Ordinance, 2018 and the due date was extended up to 31st July, 2018. Any person who paid tax under the aforesaid Acts but failed to make declaration within the due date under sections 5 and 6 of the aforesaid Acts to the Federal Board of Revenue, cannot take credit of the assets against which tax was paid under the aforesaid Acts in their wealth statements under section 116(2) of the Income Tax Ordinance, 2001 as they failed to avail the amnesty schemes under the aforesaid provisions of Acts.
However, such persons can take credit of the said tax in their returns for the Tax Year 2018 by adjusting the same against its tax liability for the Tax Year 2018. In order to take credit of the aforesaid tax, they have to apply online on the web portal of FBR for correction of their CPRs as per procedure circulated by FBR vide Circular I (2)-SS (BDT)/18-CPR 119196-R dated 05-10-2018 to change the payment section from "5 - Payment of Tax Under Voluntary Declaration of Domestic Assets Act, 2018 - 92034" to-
(i) "9202 - 147 - Advance Income Tax" if payment was made before 30th June, 2018 or
(ii) "9203 - 137 - Admitted Income Tax" if payment was made after 30th June, 2018.

Copyright Business Recorder, 2018

Comments

Comments are closed.