S.R.O.1321(I) 12024: Simplified Tax Returns Form for Traders

The Federal Board of Revenue (FBR) has announced that only 277 shopkeepers/retailers have paid a total of Rs. 503,632 in taxes under the Tajir Dost Scheme. Despite having 63,964 registered retailers, the majority have not yet fulfilled their tax obligations.

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The Federal Board of Revenue (FBR) has proposed amendments to the Income Tax Rules, 2002. These changes are outlined inSRO 1321(I)/2024 and aim to improve the tax system.

Key Points:

  • Publication for Public Input: The FBR has published the draft amendments in the official Gazette for public review and feedback.
  • Objection Period: Individuals and entities have seven days from the publication date to submit their objections or suggestions regarding the proposed changes.
  • Consideration of Feedback: The FBR will carefully consider all objections and suggestions received during the public comment period.

Benefits:Â

Once retailers file their returns, the advance tax collected on purchases (Section 236G) will be reduced from 2% (for non-filers) to 0.1% (for filers). Similarly, the advance tax collected on sales to retailers (Section 236H) will be reduced from 2.5% to 0.5%.

Register your business in Pakistan in Rs. 1500 only.

Draft Simplified Tax Returns Form for Traders:

The electronic return form for tax year 2024 and onwards will require retailers to provide information on their business turnover/receipts, total trading purchases, total other expenses, net profit/taxable income, income other than business, interest income, rental income, tax paid during the year, and total adjustable tax.

Electronic Return form for Tax year 2024 and onwards for traders who were non-filers for tax year 2023

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