The Federal Board of Revenue (FBR) has taken a significant step towards concluding the tax assessment process for the year 2019 by issuing the final return forms for salaried individuals, business entities, and Associations of Persons (AOPs).
In a notification issued on Monday, the FBR finalized the income tax return forms through SRO 979(I)/2019, providing clarity and a structured framework for taxpayers to fulfill their obligations.
The issuance of these final return forms follows a previous notification, SRO 951(I)/2019, released on August 23, 2019. The initial notification presented draft return forms and welcomed feedback and comments from stakeholders to ensure a comprehensive and inclusive approach in the formulation of the final return documents.
The final return forms, applicable for the Tax Year 2019, are designed to facilitate the electronic filing of returns by salaried individuals, business entities, and AOPs. The electronic filing mode aims to streamline the submission process and enhance efficiency in tax compliance.
Key points regarding the issuance of final return forms:
1. Electronic Filing Mode: The finalized return forms are to be filed through electronic mode, reflecting the FBR’s commitment to digitizing tax-related processes for ease of compliance.
2. Applicable Categories: The return forms cater to salaried individuals, business individuals, and Associations of Persons (AOPs), covering a broad spectrum of taxpayers.
3. Deadline Set: Taxpayers falling under the specified categories are required to file their returns by September 30, 2019. This deadline emphasizes the importance of timely compliance with tax regulations.
4. Stakeholder Consultation: The FBR’s approach to issuing draft return forms and seeking input from stakeholders underscores a commitment to transparency and inclusivity in the tax assessment process.
As the final return forms for Tax Year 2019 are made available, taxpayers are encouraged to familiarize themselves with the requirements and utilize the electronic filing platform for submission. The electronic filing not only ensures accuracy and promptness but also aligns with global trends in adopting digital solutions for tax administration.
The issuance of final return forms is part of the FBR’s broader strategy to modernize and improve the efficiency of the tax system in Pakistan. By providing clear guidelines and a user-friendly platform for filing returns, the FBR aims to enhance compliance and create a more taxpayer-friendly environment.
Taxpayers are urged to stay informed about the deadlines and requirements outlined in the final return forms and utilize the available resources for a smooth and hassle-free filing process. The FBR remains committed to fostering a culture of transparency and collaboration in tax administration, and the issuance of final return forms is a step forward in achieving these objectives.
