The Income Tax Return should be completed by a resident or non-resident company including a public corporation, unit trust or mutual fund. The return entails six schedules viz: Schedule 2, 2B, 3, 4, 5 and 6, and Tax Computation Sheet, in order to facilitate the computation of the relevant entries therein.

Schedule 2 - Qualifying Payments: Any qualifying payment made during the year of assessment, the deductible amount of such qualifying payment for the year and carried forward balance, if any, of such payment should be declared in this Schedule. Please use a separate sheet for qualifying payment, if any, made as referred to in item 7.1(i)(vi) of this guide.

Schedule 2B - Investment Tax Allowance: Any balance investment tax allowance brought forward from the previous year should be declared in this schedule.

Schedule 3 - Declaration of Dividends: A separate schedule must be used in respect of each dividend distributed during the year of assessment.

Schedule 4 - Income taxable at rates other than the normal rateIn certain circumstances taxes are levied at special reduced rates. For instance, a reduced rate has been specified for certain BOI companies, Venture Capital Companies, Unit Trusts etc. This Schedule is to indicate separately the quantum of taxable income to which reduced tax rates are applicable.

Schedule 5 - Losses: In order to facilitate set-off of losses in accordance with the relevant provisions of the Act, you are advised to furnish a break up of current losses (if any) and any unabsorbed loss as at 31.03.2004 and which could be brought forward according to the format given in schedule 5.

Schedule 6 - Economic Service Charge: This schedule facilitate the computation of the maximum amount of Income Tax against which ESC can be set off, and the balance amount of ESC that can be carried forward.