Federal Board of Revenue issued Notifications ref: SRO SRO 1321(1)/2018 dated November 2, 2018.
The aforementioned SRO 1321(1)/2018 offers for objection or suggestion (within 7 days) in draft amended Income Tax Rules, 2002 relating to “Definitions” whereby changes have been introduced so as to delete few definitions like “Currency Transactions Report” etc and instead introduced a more relevant statement i-e profit on bank statement for filers earning RS. 1,000,000 or above while non-filers for earning Rs. 500,000 or above. The format of the said statement is also introduced.
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