in

FBR to Strictly Follow Timelines for Notifying Income Tax Return Form

The Federal Board of Revenue (FBR) has directed FBR Member Inland Revenue Policy and Pakistan Revenue Automation Limited (PRAL)-a subsidiary of the FBR to strictly follow the timelines for notifying income tax return forms every year to avoid repeated extensions in date for filing of income tax return form.

The FBR has issued an SRO.1185 here on Monday to issue timelines of various steps involved in notifying income tax return forms for a tax year.

A senior FBR official told ProPakistani that every year, the FBR repeatedly extends the timeline for filing of returns. To avoid such kinds of repeated extensions in return filing, the FBR has issued timelines for issuing draft return and other steps involved in return filing on annual basis. The tax officials would be bound to follow the timelines notified in the SRO.1185 for timely issuance of income tax return forms, he added.

The new rules shall apply for the purpose of setting timelines in respect of various steps involved in notifying income tax return forms for a tax year. The return form specified in sub-rule (2) of Rule 34 shall be notified for suggestions from all persons likely to be affected thereby on or before December 1 of the financial year, following the Finance Act to which the return relates by observing following timelines: Inland Revenue Policy Wing shall identify the legal amendments to be incorporated in income tax return forms by thirty-first day of August of the financial year following the Finance Act to which the return relates.

The preparation of change request form (CRF) shall be finalised by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by September 15 of the financial year following the Finance Act to which the return relates.

The analysis and scrutiny of change request form (CRF) by Chief Income Tax Policy and Chief Business Domain Team shall be conducted by September 16 of the financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval on the same day.

The PRAL shall complete configuration and development of the approved CRF by thirty first day of October of financial year following the Finance Act to which the return relates; and User Acceptance Test (UAT) of the amended return forms on testing environment shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by November 15 of financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval on the same day.

The return form shall remain available on the portal for suggestions till January 7 of financial year following the Finance Act to which the return relates.

The FBR stated that the final return form shall be notified on or before January 31 of financial year following the Finance Act to which the return relates by observing following timelines: The Inland Revenue Policy Wing and Information Technology Wing shall review the suggestions received from stakeholders by December 12 of financial year following the Finance Act to which the return relates.

A new Change Request Form (CRF), if required, shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with PRAL, by tenth day of January of the financial year following the Finance Act to which the return relates and the same shall be approved by Member Inland Revenue.

The PRAL shall complete configuration and development of the approved CRF by fifteenth day of January of the financial year following the Finance Act to which the return relates; The User Acceptance Test (UAT) of the final return forms on testing environment shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by eighteenth day of January of the financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval.
The final income tax return forms shall be available on IRIS by the thirty first day of January of financial year following the Finance Act to which the return relates; In case, any further amendments are introduced in Finance Act that have an impact on the finally notified income tax return forms referred to, such amendments shall be incorporated by seventh day of July of the financial year next following, FBR concluded.

Leave a Reply

Your email address will not be published. Required fields are marked *

This team is studying a promising coronavirus drug that you already have in your home

FBR Issues Directive for Cigarette Manufacturers to Maintain Tax Records for a Period of 6 Years