KARACHI, Oct 29: The Member (Coordination), Central Board of Revenue (CBR), Mansoor Ahmed Khan said on Tuesday that CBR can issue clarification or even make amendments in Income Tax Ordinance 2001 on the recommendations of the Income Tax Bar Association.
He was speaking as chief guest at concluding session of the two-day workshop on the Income Tax Ordinance, 2001, organized by Income Tax Bar Association (ITBA), at a local hotel.
Mansoor pointed out that there is a possibility to make changes in the ordinance, which is totally new.
He assured the participants that points raised by the Income Tax practitioners would be considered.
He appreciated the organizers for holding the workshop and said this would help the practitioners to easily understand various aspects of the ordinance.
Earlier, President Income Tax Bar Association Abdul Qadir Memon suggested that a provision of marginal tax relief be introduced in line with the provisions of Income Tax Ordinance 1979.
He pointed out that currently no deduction of tax is required out of profit on debt payable under a loan agreement between a borrower and a banking company or Development Finance Institutions (DFIs).
Memon suggested that suitable amendments be made to exclude companies from the purview of this section, which has already settled in past.
Moreover, he said the sub-clause (vi) of Section 114(1)(b) requires filing of return by the person, who has undertaken foreign travel in the tax year other than travel by a non-resident person or any travel for the purpose of the Haj, Umrah or Ziarat.—APP
