Islamabad, November 23, 2018 (PPI-OT): All those taxpayers who have been selected automatically for audit u/s 214D due to late filing of returns for Tax Year 2015, 2016 and 2017, have now the opportunity for automatic closure of audit u/s 214E by paying the penalty or higher tax than previously filed return, whichever is applicable under the law, said Ms. Nausheen Javaid Amjad, Member Taxpayers’ Audit FBR.
She was chairing a seminar at auditorium of Corporate RTO, Karachi. The seminar was attended by the Chief Commissioner and Commissioner of LTUs and RTOs of Karachi. President of All Pakistan Tax Bar Association Mr. Abdul Qadir Memon, President Karachi Tax Bar Association Mr. Khalid Mehmood as well as a large number of lawyers, chartered accounts and tax practitioners also attended the seminar. She explained at length 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.
Mr. Umair Soomro, Senior Manager PRAL also demonstrated the IRIS working in this regard. He explained that 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.
He explained that the CPRs shall be prepared u/s 214E specifically designed for the purpose. She adequately explained and highlighted all the aspects of the scheme. She briefed that the Section 214E is voluntary for taxpayers and has been announced for their facilitation however in cases where taxpayers are confident, they may opt for regular audit for assessment of their income tax affairs. She also responded to the questions raised by the members of the tax bar and various persons present in the seminar. The facility for availing automatic closure of audit u/s 214E is available till 31 Dec 2018.
For more information, contact:
Second Secretary (Public Relations)
Federal Board of Revenue (FBR)
FATE Wing, Federal Board of Revenue,
Constitution Avenue, Sector G-5,
Phone: +92 51 921 7267
Fax: +92 51 9208456
Email: firstname.lastname@example.org, email@example.com