The updated Income Tax Rules, 2002 specify return forms, verification requirements and supporting documents taxpayers must submit for tax year 2027.

The Federal Board of Revenue (FBR) has issued updated income tax return filing rules for tax year 2027, outlining the forms, verification procedures and supporting documents required from taxpayers.

The FBR released the Income Tax Rules, 2002, updated up to September 15, 2026, covering tax year 2027, which runs from July 1, 2026, to June 30, 2027.

Under Rule 34, the tax authority has prescribed procedures for furnishing income tax returns under Section 114 of the Income Tax Ordinance, 2001.

According to the rule, taxpayers must submit their income tax returns using the form specified in Annexure-XIII of Part VI of the Second Schedule.

The rule also requires taxpayers to verify their returns in accordance with the procedure specified in the relevant form.

Furthermore, income tax returns must be accompanied by applicable documents, statements, certificates and annexes required under the prescribed regulations.

For companies, the requirements are more extensive. Corporate taxpayers must attach audited financial accounts along with a reconciliation showing the difference between profits reported in their financial statements and taxable income declared in their income tax returns.

Rule 34 also contains a transitional provision relating to Notification No. SRO 1891(I)/2022, issued on October 13, 2022, requiring a separate submission by December 31, 2022, for returns furnished before the notification came into force.

The updated rules provide the procedural framework for income tax return submissions during tax year 2027, clarifying documentation and verification obligations for individuals and companies.