ISLAMABAD: Federal Board of Revenue has announced immunity from tax audit for the individual, Association of Persons and companies upon upward revision in payable tax through revised income tax returns.
The immunity from audit is available under Clause 84 through SRO 1040 (I)/2013 to all persons like an individual, Association of Persons and company. The persons who have already filed their returns, for tax year 2013, may revise their returns to claim immunity from audit under SRO 1040/2013 and no approval of commissioner under Section 114(6)(ba) of the Income Tax Ordinance, 2001, shall be required.
The immunity is also available to persons whose income for tax year 2012 was exempted, but their income for tax year 2013 is taxable. They would pay 25 percent more tax as compared to tax that would have been payable if the income of tax year 2012 was not exempted.
