Immunity from Audit for the Tax Year 2013

Federal Government has issued SRO 1040(I)/2013 dated 05.03.2013 wherein a new clause (83)has been added in Part IV of Second Schedule of the Income Tax Ordinance, 2001. All taxpayers have been granted immunity from provision of audit for the tax year 2013 subject to the condition that they pay atleast 25% excess tax on their taxable income as compared to higher of the tax paid or assessed for the tax year 2012. This immunity shall be available on filing of separate proforma with Return as specified by the Board in this regard.