04 July 2004	Sunday	15 Jamadi-ul-Awwal 1425

ISLAMABAD, July 3: The Central Board of Revenue (CBR) on Saturday introduced single-page draft tax return form, to be effective from tax-year 2004, with separate annextures for each source of income as part of government's move to facilitate the taxpayers.

Addressing a press conference here on Saturday, member tax facilitation and education, Habib Fakhruddin said the draft would be finalized within next 15 days after seeking comments, suggestions and proposals from the stakeholders. Following vetting these would be included in the return forms.

Elaborating the salient features of new return forms, the member said that in the case of an importer, exporter, supplier, contractor, goods transport vehicles and a person receiving dividends or prize money will only file a single one page statement of final taxation with details of name, address, NTN, etc.

He said that for retailers (individual or association of persons) whose turnover did not exceed Rs5 million per annum would now only submit a simple statement of final taxation disclosing name, address, NTN, NIC, etc., and turnover for the year. In this category the total number of retailers stood at around 0.25 million who would deposit a 0.75 per cent tax on their turnover with the income tax department.

There will be no audit in these cases. They would also not be required to file wealth statement or balance sheet, depreciation charts or copies of personal accounts of proprietor or members of AOP.

Excluding the category of retailers not exceeding Rs5 million, individual and AOPs from any business, trade and profession will only file one page return of income accompanied by a simple annex of income statement and other annexes, if applicable.

The member said that individuals having property income or income from other sources along with a one-page return of income would only fill in the annex of property income or annex for income from other sources. The old requirements of income last declared or assessed, details of income claimed to be exempt, details of personal expenses and evidences of charitable donations investment, etc., have been done away with in the new return form.

The member also said that in case of an employer only a single one page employer's certificate in lieu of return income was required to be filed. Moreover, previously the employer had to issue annual certificate of deduction of tax within 15 days from the end tax year. This period has been extended to 60 days to facilitate the employers.

In the case of employee, who has only one employer and who has no income gain on disposal of shares, no income under the head business, property, capital gains and other sources and whose agriculture income did not exceed Rs80,000 and has no claim for tax credit or a refund, he will only file a single page employer's certificate in lieu of return of total income issued by the employer.

Similarly in case of an employee who has more than one employer, except that such an employee would have to file an attachment to employer certificate and other annexes if applicable.