FBR notifies draft rules for timely issuance of annual return forms

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued SRO 1041(I)/2020 for timely issuance of annual income tax return forms in order to facilitate taxpayers and avoid unnecessary delays in return filing process.

The FBR proposed amendment to Income Tax Rules, 2002 through the SRO. A new rule 34A has been proposed to insert in the Income Tax Rules, 2002.

As per the rules the annual income tax return form shall be finalized and available by January 31 every year for the relevant tax year.

The procedure to finalize the return forms revealed that the Inland Revenue Policy Wing would identify the legal amendments to be incorporated in income tax return forms by August 31 of the financial year following the Finance Act to which the return relates.

By September 15, preparation of change request form (CRF) shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with PRAL.

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.

PRAL shall complete configuration and development of the approved CRF by October 31 of financial year following the Finance Act to which the return relates.

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 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 07 of financial year following the Finance Act to which the return relates.

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:

Inland Revenue Policy Wing and Information Technology Wing shall review the suggestion 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 January 10 of the financial year following the Finance Act to which the return relates and the same shall be approved by Member Inland Revenue

PRAL shall complete configuration and development of the approved CRF by January 15 of the financial year following the Finance Act to which the return relates

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 PRAL, by January 18 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.

Finance income tax return forms shall be available on IRIS by January 31 of financial year following the Finance Act to which the return relates

In case, any further amendment are introduced in Finance Act that have an impact on the finally notified income tax return forms referred to at clause (e), such amendments shall be incorporated by July 07 of the financial year next following; and

Notwithstanding anything contained in this rule, the time so specified may, if requested by the Member Inland Revenue Policy, be extended by the FBR to such extent and subject to such conditions and limitations as it may deem proper.

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