Federal Board of Revenue (FBR) has offered a scheme to taxpayers for winding up their audit cases if they revise their return with payment of 25 percent higher tax by December 31, 2018.
Tax sources said that FBR had announced a scheme for disposing of audit cases selected under Section 214D, which was deleted in the last finance act, of the Income Tax Ordinance, 2001.
The sources said that the cases would be withdrawn against taxpayers under this omitted section if assessment order was not issued till October 07, 2018.
Further a taxpayer revises return voluntarily by December 31, 2018 along with payment of higher tax which is as follows: (a) 25 percent higher tax that the tax paid with return on the basis of taxable income; or (b). Where not tax is payable, two percent of the turnover. Turnover shall have the same meaning as defined in Section 113 of the Ordinance. (c). Where no turnover is declared, penalty under entry at Serial No. 01 of Sub-Section (1) of Section 182 of the Ordinance should be paid.