The Federal Board of Revenue (FBR) has modified income tax returns - IT-1 (Tax return for companies) and IT-2 (Tax return for Individual and AOP). In this regard, the FBR has amended Income Tax Rules, 2002 through an SRO.125(I)/2013 here on Friday. The FBR has made these changes in the return forms retrospectively from Tax Year 2010.

The FBR has made changes pertaining to the taxation issue of goods transport vehicles, import of edible oil, packing material and tax rebate available at the rate of 75 percent to a full time teacher or a researcher under Clause (2) of Part III of Second Schedule to the Income Tax Ordinance, 2001. The FBR has introduced a new block in the income tax return for the calculation of minimum tax on the import of edible oil. The block has been introduced to work out the difference of minimum tax chargeable on certain business transactions.

Copyright Business Recorder, 2013