The Federal Board of Revenue (FBR) has issued a draft of two pages of income tax return form and wealth statement for retailers and small traders that have an annual turnover of up to Rs. 10 million.
It is a simplified form seeking basic information about the business and wealth of the retailers and shopkeepers. The form is easy to fill as compared to complicated return forms for the salaried class, Association of Persons, and companies.
The first page of the form covers the following:
- Basic information about the turnover
- Gross profit
- Net profit
- Tax chargeable and tax payable.
Page 2 covers:
- Wealth statement with information of movable assets
- Immovable assets
- Business capital
- Personal expenses
- Cash in hand
- Loan liabilities
- Net assets
- Reconciliation of net assets.
A simpler return form was a major demand of small traders and shopkeepers. After seven days, FBR will issue a final return form after consultation with stakeholders.