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Friday , November 17 2017
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FBR makes it mandatory to mention offshore companies in tax returns

FBR makes it mandatory to mention offshore companies in tax returns

LAHORE: Federal Board of Revenue (FBR) has launched new income tax returns forms 2017. This form is separately designed for individuals and association of persons.

According to details, in the newly introduced income tax form, the taxpayers have to mention their source of income. FBR declared in this form that all types of business, investment, rented properties should be mentioned in this form, while income from other sources such as agriculture land must be declared in this form.

An official of Inland Revenue Policy told that all the recommendations of Finance Bill are included in this form. It is necessary to mention here that all these recommendations are already passed by the Parliament.

Sources told that main purpose to launch this form is to collect all relevant information from the taxpayers which will pave the way to detect tax evasion.