ISLAMABAD: The Federal Board of Revenue (FBR) has taken a significant step towards facilitating taxpayers by launching the draft income tax return forms for the tax year 2023.
In a recent announcement, the FBR issued SRO 746(I)/2023 to introduce the draft income tax return forms for the upcoming fiscal year. The purpose of this release is to seek feedback from stakeholders within a period of seven days, after which the forms will be finalized.
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This move by the FBR demonstrates its commitment to streamlining the tax filing process and ensuring a smooth transition to the new fiscal year. The launch of the draft forms indicates that the FBR is preparing to open the IRIS portal for return filing for the tax year 2023, commencing on July 1, 2023. Taxpayers will be able to access the portal and begin filing their income tax returns as per the new forms.
It is important for individuals and businesses to familiarize themselves with the new draft forms to ensure accurate and timely filing. The FBR encourages taxpayers to review the forms and provide their valuable input, which will be considered during the finalization process. This collaborative approach between the FBR and taxpayers aims to create a more effective and user-friendly tax filing experience.
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The deadline for filing the income tax return for the tax year 2023 is set for September 30, 2023. Taxpayers are advised to make use of the provided timeline to gather the necessary documentation and fulfill their tax obligations promptly. Meeting the deadline will help avoid any penalties or legal complications associated with late or incorrect filing.
The draft income tax return forms have been tailored to cater to different categories of taxpayers, including salaried individuals, business owners, Association of Persons (AOPs), and companies with special fiscal years. This comprehensive approach acknowledges the diversity of taxpayers and ensures that the forms are tailored to their specific needs and requirements.
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The FBR remains committed to enhancing the tax system and promoting tax compliance. By launching the draft income tax return forms well in advance, the FBR aims to provide ample time for taxpayers to understand and adapt to the changes. This proactive approach will contribute to a more efficient and transparent tax ecosystem in Pakistan.
As the FBR finalizes the income tax return forms for the tax year 2023, taxpayers are encouraged to stay updated with the latest developments and guidelines provided by the FBR through official channels. This will ensure a smooth transition and enable taxpayers to fulfill their tax obligations effectively.
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