Taxpayers can close there audit Proceedings in easy way
14 November 2018 Ms Nausheen Javaid Amjad,Member tax,audit FBR announced that all those taxpayers selected for audit u/s 214D due late filling of tax returns, can close audit U/SE by paying fine or higher tax under the law.
She announced this statement in Lahore and Faisalabad while gatherings of Tax payers,tax lawyers and tax practitioners.In both events President of All Pakistan Tax Bar Association Mr. Abdul Qadir Memon, Presidents and Vice-Presidents of Lahore and Faisalabad Tax Bar Associations and large number of lawyers, were present.
Her announcement according to press release on FBR official website :
“Ms Nausheen Javaid Amjadexplained that the salaried persons or those whose income falls under the category of FTR/PTR have to pay penalty only to close their audits. However, taxpayers whose income falls under any other head of income, have to apply for revision of returns u/s 214E in Iris system. A tab has been made available in the system for this task. The relevant Commissioner will approve the said request within three days or the system will automatically allow revision on the fourth day. The system will automatically calculate the tax due in both categories. Once the payment is made and relevant CPR is attached and submitted, the system will automatically close the audit proceedings. The facility for availing automatic closure of audit u/s 214E is available till 31 Dec 2018 and approximately 1,022,000 taxpayers will benefit from it.
Member Taxpayers’ Audit further said that Section 214D under which late filers were automatically selected for audit, has been deleted from the Income Tax Ordinance 2001 in the Finance Act 2018 due to undue hardships faced by new taxpayers and to facilitate the process of Broadening of Tax Base.”
For further news visit our website.