FBR has traced the tax manipulation of an IT company
After Karachi office’s assistance in tax evasion came to light, a notice was issued on the intervention of the headquarters (Photo: File).
Islamabad: The FBR has detected tax evasion by an IT company and has sent an income tax audit notice to the said firm on suspicion of tax evasion.
According to FBR officials, FBR has sought the records of accounts under Section 177 of the Income Tax Ordinance from M/s Prunet Private Limited on suspicion of tax evasion.
Officials said that glaring discrepancies were found in the income tax returns filed by the said company for the last seven years, following which the FBR decided to probe the company’s accounts.
It should be noted that the decision to investigate the accounts of the company has been taken as a result of the intervention of the FBR headquarters after the cases of tax evasion assistance were revealed by the Karachi field office.
Sources say that tax notices worth lakhs of rupees were issued to the said company from 2016 to 2022 by the Karachi Field Office, but the tax was collected only a few thousand rupees, due to which the headquarters filed the 2023 income tax. It has been decided to audit.
Sources say that the finality will be known only after the completion of the audit, but during the preliminary audit it has been revealed that this is not a small amount, according to the sources, the said company has 146.6 million taxable for the year 2023. Income has been disclosed.
The company has shown an expenditure of Rs 93.3 million, which is not in line with the income and running plans, so it is necessary to check the accounts. has deposited only Rs 43.6 million in tax, which is much less than the legal requirement.
FBR has traced the tax manipulation of an IT company