Friday, December 20, 2013
Revenue Division, Federal Board of Revenue Pakistan, Islamabad 17 December, 2013
IMMUNITY FROM TAX AUDIT UNDER SECTION 177 AND
214C READ WITH CLAUSE 84 OF PART IV OF SECOND
SCHEDULE TO THE ORDINANCE AS PER SRO.1040(I)/2013
DATED 05.12.2012.
In exercise of the powers conferred under Proviso to clause (84) of
SRO.1040/2013 dated 05-12-2013 which has further amended Part IV of the Second
Schedule to the Income Tax Ordinance, 2001, Federal Board of Revenue is pleased to
issue the Circular for the purposes of said proviso and to specify the Proforma to
claim exemption/immunity from audit under sections 177 and 214C.
PART-I
(GENERAL)
1. The immunity from audit is available under clause 84 through
SRO.1040(I)/2013 to all persons i.e. an individual, AOP and company.
2. The persons who have already filed their returns, for tax year 2013, may revise
their returns to claim immunity from audit under SRO 1040/2013 dated
5.12.2013 and no approval of Commissioner under section 114(6)(ba) of the
Income Tax Ordinance, 2001, shall be required.
3. The immunity is also available to persons whose income for Tax Year 2012
was exempt, but their income for Tax Year 2013 is taxable. They would pay
25% more tax as compared to tax that would have been payable if the income
of tax year 2012 was not exempt.
4. Tax required to be paid to avail the concession/immunity under the said SRO is
to be computed in accordance with Proforma specified in Part II. Those who
have already filed their revised return may file this Proforma by 31.12.2013.
However, this does not amount to extension of the date for filing of returns
which continues to remain 15.12.2013
5. Tax has been paid on or before the due date for filing of return.
6. Tax paid for Tax Year 2012 includes minimum tax under section 113 of the
Income Tax Ordinance, 2001.
7. Cases where income declared is below the taxable limit of Rs 350,000 for Tax
Year 2012 will not qualify for the said immunity/exemption.
8. For the purpose of comparison, tax paid as final tax or fixed tax or a separate
block of income, shall not be taken into account either for tax year 2012 or
2013.
9. The income is not arrived at by lump sum addition.
PART-II
(PROFORMA)
The Proforma as per SRO.1040/2013 to be filed along with the Return is as under:-
IMMUNITY FROM TAX AUDIT UNDER SECTION 177 AND
214C READ WITH CLAUSE 84 OF PART IV OF SECOND
SCHEDULE TO THE ORDINANCE AS PER SRO.1040(I)/2013
DATED 05.12.2012.
In exercise of the powers conferred under Proviso to clause (84) of
SRO.1040/2013 dated 05-12-2013 which has further amended Part IV of the Second
Schedule to the Income Tax Ordinance, 2001, Federal Board of Revenue is pleased to
issue the Circular for the purposes of said proviso and to specify the Proforma to
claim exemption/immunity from audit under sections 177 and 214C.
PART-I
(GENERAL)
1. The immunity from audit is available under clause 84 through
SRO.1040(I)/2013 to all persons i.e. an individual, AOP and company.
2. The persons who have already filed their returns, for tax year 2013, may revise
their returns to claim immunity from audit under SRO 1040/2013 dated
5.12.2013 and no approval of Commissioner under section 114(6)(ba) of the
Income Tax Ordinance, 2001, shall be required.
3. The immunity is also available to persons whose income for Tax Year 2012
was exempt, but their income for Tax Year 2013 is taxable. They would pay
25% more tax as compared to tax that would have been payable if the income
of tax year 2012 was not exempt.
4. Tax required to be paid to avail the concession/immunity under the said SRO is
to be computed in accordance with Proforma specified in Part II. Those who
have already filed their revised return may file this Proforma by 31.12.2013.
However, this does not amount to extension of the date for filing of returns
which continues to remain 15.12.2013
5. Tax has been paid on or before the due date for filing of return.
6. Tax paid for Tax Year 2012 includes minimum tax under section 113 of the
Income Tax Ordinance, 2001.
7. Cases where income declared is below the taxable limit of Rs 350,000 for Tax
Year 2012 will not qualify for the said immunity/exemption.
8. For the purpose of comparison, tax paid as final tax or fixed tax or a separate
block of income, shall not be taken into account either for tax year 2012 or
2013.
9. The income is not arrived at by lump sum addition.
PART-II
(PROFORMA)
The Proforma as per SRO.1040/2013 to be filed along with the Return is as under:-
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