LAHORE, May 1: The Lahore Chamber of Commerce and Industry has proposed raising of the income tax exemption limit to Rs150,000 in the forthcoming federal budget and asked the Central Board of Revenue to treat the incomplete returns as returns filed for 'best judgement assessment'.
Chamber President Mian Anjum Nisar said in a statement that it had also been proposed to nominate an authority to order reopening of the assessment orders. The Income Tax commissioners were empowered to reopen cases as many times as necessary and had delegated the powers to their subordinates who could misuse the same for extorting money from the taxpayers. The business community also wanted notification of parameters for audit of tax returns.
He said that the government should also dispense with the condition of moving a formal application for tax refunds and order provision of refund cheques along with the assessment orders for saving the taxpayers from extortion on this account. A foolproof system should also be devised for adjustment of payments made by the taxpayers against demands.
He said that senior citizens and disabled persons should be allowed to import duty free cars and allowed concessions in tax. Withholding Tax on imports should be reduced to 4 per cent of C&F value and rate of advance on income tax on supplies should be reduced to 2 per cent.
