RASG_Monthly_Tax_Update_June_2022

RIAZ AHMAD, SAQIB, GOHAR & CO.
Chartered Accountants

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Preamble:

Riaz Ahmad, Saqib, Gohar & Co. Chartered Accountants is pleased to present herewith its “Tax
Updates” for the month of June, 2022. This document aims to provide an update with respect to
the changes in the Income Tax Ordinance, 2001 (the Ordinance) and the Sales Tax Act, 1990 (the
Act) and related rules therein, introduced through various SROS/Circulars issued during the
month of June, 2022.

Disclaimer: This memorandum is prepared to the best of our knowledge and belief. It is
intended to provide only a general outline of the matters covered in the document. It should
neither be regarded as comprehensive nor sufficient for decision making purposes nor should
it be used in place of professional advice. Riaz Ahmad, Saqib, Gohar & Co. Chartered
Accountants does not accept any responsibility for any loss arising due to any action taken or
not taken by the readers of this publication.

Click here to download our android application for all the latest updates.

UPDATES PERTAINING TO FEDERAL INCOME Page |2
TAX LAWS –
THE FINANCE BILL, 2022 –
FORM OF RETURN OF INCOME – SRO
820(I)/2022 and SRO 978(I)/2022: The Finance Bill, 2022 was presented to the
Parliament on June 10, 2022 wherein various
The Federal Board of Revenue had through its amendments were proposed with regards to the
SRO 820(I)/2022 dated June 21, 2022 issued the Federal Income Tax Laws, Sales Tax Laws and
draft form for the return of income to be filed for Customs Act, 1973.
the tax year 2022 for feedback within seven days
of the issuance of the said form. A detailed commentary was prepared by our
RASGCO and published accordingly. The
Subsequently, the form for the return of income electronic copy of the said publication can be
has been approved and made available on the viewed by clicking on RASGCO Tax Commentary,
online IRIS portal vide SRO 978(I)/2022 dated 2022.
June 30, 2022.

Taxpayers can now file their return of income for
the tax year 2022. The timely issuance of the
form once again signals the fact that the due
date of filing of return may not be extended as
per previous year’s practice regardless of the
issues in the electronic form being faced by the
taxpayers.

UPDATES PERTAINING TO FEDERAL SALES TAX
LAWS –

EXEMPTION ON IMPORT OF OXYGEN – SRO “Document End.”
729(I)/2022:

The Federal Board of Revenue has through its
SRO 729(I)/2022 dated June 02, 2022 exempted
the import of the following goods from the
chargeability of sales tax from November 09,
2021 to June 30, 2022:

S.No. Description PCT
2804.4000
1. Oxygen Gas

2. Cylinders (for Oxygen 7311.0090
gas)

3. Cyrogenic tanks (for 7311.0030
Oxygen gas)

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