The Federal Board of Revenue has given go ahead to the field formations to immediately start desk audit of all income tax returns filed by the corporate sector. Sources told Business Recorder here on Friday that the performance and plan in respect of desk audit of corporate returns was discussed during the last Chief Commissioners' conference.
The issue was discussed in detail and it was decided that since corporate returns have been received by the field formations, 100% desk audit of corporate returns be completed by January 31, 2012. During the Chief Commissioners' conference, FBR Member (Inland Revenue) stressed upon the importance and need of proper monitoring of withholding agents as it is a major contributory of revenue.
It was, therefore, decided that future plans for audit of withholding agents be prepared by each Chief Commissioner and sent to the Board by January 31, 2012. Sources said that it was noted that there is a huge gap between the number of NTN's issued vis-à-vis returns filed.