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FBR announces relieving exceptions in tax audit

FBR announces relieving exceptions in tax audit

ISLAMABAD: Federal Board of Revenue will exclude cases from selection process for audit of current Tax Year, where taxpayers would pay 25 percent more tax for the current fiscal year against tax paid or assessed previous year, official sources said.

However, this facility would not be applicable on the cases selected for audit for Tax Year 2012, sources added. The audit immunity would be restricted to the tax returns filed for the period of Tax Year 2013, they said.

This means that the return filers of current Tax Year whose tax returns are 25 percent more in the current Tax Year as compared to previous tax year will not be selected for audit.

Earlier, the computer ballot selected 41,727 out of the total 834,563 tax returns filed for income tax, sales tax and federal excise duty.

The computer balloting would not as well be applicable to the existing registered persons, who are ready to pay 25 percent more tax as compared to the tax paid last year. In this regard, taxpayers who have already furnished their returns will be eligible to file revised returns to avail the facility of exemption from audit.