Draft Simplified Income Tax Return for Retailers having turnover less than Rs. 10 millions

GOVERNMENT OF PAKISTAN REVENUE DIVISION FEDERAL BOARD OF REVENUE **** Islamabad, the 8th September, 2020. NOTIFICATION (Income Tax) S.R.O. 821(1)/2020.- The following draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), is hereby published for information of all persons likely to be affected thereby and, as required by sub- section (3) of the said section 237, notice is hereby given that objections or suggestions thereon, if any, may for consideration of the Federal Board of Revenue be sent within seven days of publication of the draft in the official Gazette. Objections or suggestions, which may be received from any person in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue,namely:- DRAFT AMENDMENTS In the aforesaid Rules, in the Second Schedule, after Part-II-Q, the following new Part-II-R shall be added, namely:-

"Part II-Q 1-- SIMPLIFIED RETURN OF INCOME FOR Form RETAILERS HAVING TURNOVER LESS THAN RS. 10 MILLIONS A (only business) Description Total Amount 1 Business turnover/Receipts 3009 2 Cost of Sales 3030 3 Opening Stock 3039 4 Purchases 3059 5 Closing Stock 3099 6 Other direct expenses 3083 7 Gross Profit 3100 8 Profit & Loss Expenses 3180 3199 Calculated - Not visible to Taxpayer Total Income 9000 Calculated - Not visible to Taxpayer 9 Net Profit/Taxable income 9100 II Tax Chargeable 9200 Tax payable whichever is higher 9203 to be calculated by the 13 system Tax already Paid- elec-tel-other New Code 14 (add in description these codes / desc) Electricity 64140101 235 Telephone 64150001 + 64150002 + 64150003 Others New Code All other codes except above three cateqories 15 Net tax payable/refundable 9203 9210 IMr. holding CNIC t: .~0 do solemnly declare that to the best of my knowledge o and belief the information given in this Return is correct t;:: .;: and complete in accordance with the provisions of the ><l) Scheme. Signature: Date

Form B - WEALTH STATEMENT FOR THE RETAILERS HAVING TURNOVER UPTO RS.I0 MILLIONS S.No. CNIC/NTN Tax Year 2019 Name Due Date 1 Immovable Assets 2 Shop 3 Moveable Assets 4 Business Capital 5 Investment/Advance 6 Cash in hand/ Bank 7 Investment/ Advance 8 Loan/lia bilities 9 Net Assets 10 Reconciliation of Net Assets 11 Net Assets Current Year 12 Net Assets Previous Year 13 Increase/Decrease in Assets 14 Income as per Return Other inflows (Gift, Loan, 15 remittance etc) 16 Outflows (Gift, Loan etc) 17 Personal Expenses Verification I Mr. holding CNIC do solemnly declare that to the best of my knowledge and belief the information given in this Return is correct and complete in accordance with the provisions of the Scheme. Signature: Date "