ISLAMABAD: The Federal Board of Revenue (FBR) on Friday issued a draft paper return form for tax year 2022, which will be filed by individuals other than salaried persons.
The FBR issued SRO 1612(I)/2022 to issue the draft individual paper return for tax year 2022.
According to the SRO, the draft return form has been issued for objections and suggestions from the stakeholders. “Objections and suggestions may be considered by the FBR that are sent within seven days of publication of the draft in the official gazette,” it added.
According to the draft for individual paper return for tax year 2022 will be filed by individuals, deriving income under any head other than salary or business.
It is pertinent to mention that the FBR issued the online return form on July 01, 2022 to allow the taxpayers a statutory time period of three months for filing income tax return. The last date for filing income tax return for tax year 2022 is September 30, 2022. By this last date persons including salaried and business individuals, association of persons (AOPs) and corporate taxpayers having special accounting year are required to file the annual return.
The FBR issued the draft paper return for individuals for filing return for tax year 2022 will give shorter time to the taxpayers falling under this segment.
As per the draft paper return, a taxpayer will require to file wealth statement along with the annual return. The wealth statement requires information regarding precious possession, household effect, cash etc.
It also requires persons to declare assets in other name, total assets inside Pakistan and assets held outside Pakistan.