NBR asks NGOs, pvt firms to use new income tax return form

FT ONLINE

The income tax wing has asked NGOs, firms and private organisations to submit their tax returns for fiscal year (FY) 2018-19 in the new form, which was introduced in 2016.

The wing under the National Board of Revenue (NBR) recently issued an instruction for all tax offices across the country after it found many taxpayers are submitting returns in the old forms.

"The nongovernment organisations, firms and private entities will have to submit their tax returns in new return form IT-11CHA 2016," the instruction said.

However, the organisations will not have to submit return in the new forms if they have already submitted their respective tax returns in the old forms.

In 2016, the NBR amended the Income tax Rule-1984 to introduce three new tax return forms for individuals, corporate taxpayers and NGOs, firms and private entities.

Income tax (policy) member Kanon Kumar Roy said many are not yet aware of the new tax return forms.

"Initially, we will accept tax returns in both old and new forms, but gradually it will be phased out," he said.

There are some faults in the old tax return forms, which have been addressed in the new versions, he added.

Details of the income, asset and other issues will be available in the new return form, he said.

"We would encourage the taxpayers to submit their tax returns in the new forms," he added.

The deadline for submission of individuals' tax returns started from July 1, 2018 and will end on November 30 next.

In case of submitting tax return in the new form, taxpayers will have to use the NBR's scheduled one.