The Federal Board of Revenue has issued draft of the income tax return form for companies for Tax Year 2010 without any major change in the return of total income/statement of final taxation ie IT-1 form. The FBR has proposed amendment to the Income Tax Rules, 2002 through an SRO.1128(I)/2010 issued here on Monday.
According to the notification, the FBR has circulated the draft of the return form for comments of the stakeholders. The draft will be taken into consideration after 15 days of its publication in the official Gazette. Any objection or suggestion, which may be received from any person, in respect of the said draft before the expiry of the aforesaid period, shall be considered by the Board.
According to the sources, the FBR has issued the new return form for the corporate sector without introducing any major changes. The form has been issued inline with the changes introduced in the Finance Act 2010. Only minor changes have been introduced in the new return form for companies. As far as Annex of the new form is concerned, there is no additional Annex and only change in rate of tax as per Finance Act 2010 has been introduced through the new income tax return form, sources added.