ISLAMABAD: The Federal Board of Revenue has issued a simplified income tax return form for salaried persons.

An income tax circular issued said that the new form will only be applicable to persons deriving salary income or a combination of salary and income from other sources, with salary accounting for more than 50pc of the total.

For those deriving income from business, house property (rental income) and capital gains in addition to salary income, the declaration has to be made on the main return and not on the simplified new form. Hence, even if someone derives even a minimal portion of business income, house property or capital gains income along with salary is required to file the main return, containing all heads of income.

Published in Dawn, October 18th, 2018