September 05, 2007	Wednesday	Sha'aban 22, 1428

ISLAMABAD, Sept 4: The Federal Board of Revenue (FBR) has amended the income tax rules 2002 to make changes in the income tax return forms for the tax year 2007. The amendments were notified through an income tax notification SRO-887 of 2007 issued here on Tuesday.

According to amendments, in the aforesaid rules, in the Second Schedule, (a) in Part-I, in IT-1,- (i) for the title “return of total income under the income tax ordinance, 2001 (for company),” the title “return of total income/ statement of final taxation under the income tax ordinance, 2001 (for company)” shall be substituted.

For S.No.29 and the entry relating thereto, the following shall be substituted, namely: “29 Gross Profit /(Loss) excluding PTR GP”; for S. No.81 and the entry relating thereto, the following shall be substituted, namely: “81 Other Sources Income/(loss)” and for S. No. 92 and the entry relating thereto, the following shall be substituted, namely: “92 Other Sources Income/ (loss).”

In Part-II, in IT-2, for the title “return of total income under the income tax ordinance, 2001 (for individual/ aop)”, the title “return of total income/statement of final taxation under the income tax ordinance, 2001 (for individual/aop)” shall be substituted.For S.No 15 and the entry relating thereto, the following shall be substituted, namely: “15 Gross Profit / (loss) excluding PTR GP”; and for S. No.37 and the entry relating thereto, the following shall be substituted, namely: “37 Other Source Income / (loss)”; and

In Part-VI,- for Annex-B, the following shall be substituted, namely: in Annex-C, in the title, the oblique and word “/Statement” shall be omitted.