960413

FPCCI, KCCI served notice to submit IT return by 14th

RECORDER REPORT

KARACHI: The income tax authorities have served notices on the Federation of Pakistan Chambers of Commerce and Industry and the Chamber of Commerce and Industry, Karachi against non-submission of income tax returns.

While the FPCCI did not file returns since last two years, the Karachi Chamber has defaulted for the last three years.

They have been asked to submit these returns by April 14.

Previously, only the income derived from sources other then the membership fee was taxable but now all income, including membership fee has been made taxable.

The income tax notices on these trade bodies have caused considerable concern and they may approach higher authorities for more time to complete formalities before they are able to file returns.

The FPCCI alone has shown a huge profit of over Rs 13 million last year which was left in the kitty by former President S.M. Muneer.