The Federal Board of Revenue (FBR) has recently announced the opening of draft income tax return forms for individuals on their portal. The move aims to allow stakeholders and taxpayers to provide their opinions and suggestions on the forms’ drawbacks within seven days of the opening. The FBR has assured that it will consider all feedback received and make necessary changes before the final forms are made available.
The forms include electronic/online return forms for salaried individuals, Association of Persons (AOPs), business individuals, and companies. The public has until June 30, 2022, to submit their suggestions and objections. After this period, the FBR will finalize the forms, which will be made available for filing income tax returns starting July 01, 2022.
It is worth noting that the last date for filing income tax returns for the tax year 2022 is September 30, 2022. In the previous tax year, the last date was extended by only 15 days, and it is expected that the current government will follow the same precedent, and no further extension will be granted beyond September 30, 2022. Therefore, taxpayers must prepare themselves to file their returns before the deadline to avoid any penalties or legal complications.
For corporate entities, the filing deadline for income tax returns is December 31, 2022. All businesses operating in Pakistan must file their returns within the specified deadline to avoid any legal or financial repercussions. The FBR is also expected to scrutinize the tax returns thoroughly, and any discrepancies found may lead to audits or legal action against the taxpayer.
In conclusion, the FBR’s initiative to seek public opinion on the draft income tax return forms for individuals is commendable. It will ensure that the forms are user-friendly, comprehensive, and meet the needs of taxpayers while also aligning with the government’s policies. Taxpayers should take advantage of this opportunity to provide their feedback and suggestions to improve the tax filing process. Moreover, they must ensure timely filing of returns to avoid any penalties or legal issues.