SOHAIL SARFRAZ

ISLAMABAD: Incorrect digits of Computerized National Identity Card (CNIC) on the Income Tax Return form for the Tax Year 2015 render the return invalid and make a taxpayer a Non-filer and also liable to pay penalty under the Income Tax Ordinance. It is learnt that in the newly introduced income tax return form for the Tax Year 2015 certain conditions have been prescribed by the FBR and in case of non fulfillment of conditions return may be declared as invalid resultantly said taxpayer shall be treated as Non-filer under the provisions of the Income Tax Ordinance and penalty under section 182(1) of the Income Tax Ordinance, 2001 may be imposed by the FBR. All income tax return forms for the Tax Year 2015 on which CNIC is missing or incorrect or invalid and return on which mandatory fields are marked by “*” are empty and return which is not signed by the Taxpayer or his Representative (as defined in section 172 of the Income Tax Ordinance, 2001) and return which is not filed in the prescribed Form and return which is not filed in the prescribed mode, shall become invalid and the taxpayer shall be treated as Non-filer.

The FBR said that individuals deriving income under the head business or falling under Final Tax Regime (FTR) such as commercial importers, exporters, contractors, etc have to file two pages return in IT-2 form with Annex-A, Annex-B, Annex-F & wealth statement if required to be filed. Annex-C, Annex-D & Annex-E are required only where depreciation / amortization, admissible/ inadmissible deductions & minimum tax chargeable/ option out of Presumptive Tax Regime are involved.

General individuals, including members of AoPs or directors of companies, whose last declared or assessed income or declared income for the current tax year is equal to or more than Rs 1,000,000 must file wealth statement.