Karachi, December 8, 2023 – The Federal Board of Revenue (FBR), acting within the parameters of tax legislation, is compelled to unveil the income tax return forms by January 31, 2024, for the impending tax year 2024.
In adherence to the recently updated Income Tax Rules of 2002 for the upcoming tax year, the FBR, regarded as the apex tax authority of Pakistan, is mandated to ensure the availability of final income tax return forms on the IRIS by the thirty-first day of January of the corresponding financial year.
These rules explicitly delineate that the FBR is obligated to afford approximately eight months to taxpayers for filing their annual returns of income and wealth statements. The deadline for filing income tax returns encompasses salaried individuals, business entities, Associations of Persons (AOPs), and companies with a special accounting year, culminating on September 30, 2024.
Rule 34A of the updated Income Tax Rules, 2002, meticulously elucidates the time constraints for notifying income tax return forms. According to Rule 34A:
(1) This rule is applicable for the purpose of establishing timelines concerning various steps involved in notifying income tax return forms for a given tax year.
(2) The return form, as specified in sub-rule (2) of rule 34, should be made open for suggestions from all affected parties by the first day of December of the financial year to which the return pertains, adhering to the following timelines:
• Inland Revenue Policy Wing must identify legal amendments to be incorporated by the thirty-first day of August.
• Preparation of Change Request Form (CRF) must be finalized by the fifteenth day of September.
• Analysis and scrutiny of CRF by Chief Income Tax Policy and Chief Business Domain Team must be concluded by the sixteenth day of September and submitted to Member Inland Revenue Policy for approval on the same day.
• PRAL (Pakistan Revenue Automation Pvt. Ltd.) is tasked with completing the configuration and development of the approved CRF by the thirty-first day of October.
• User Acceptance Test (UAT) of the amended return forms on the testing environment should be finalized by the fifteenth day of November.
(3) The Return Form will remain accessible on the portal for suggestions until the seventh day of January of the financial year to which the return pertains.
(4) The final return form shall be notified on or before the thirty-first day of January of the financial year, adhering to the following timelines:
• Inland Revenue Policy Wing and Information Technology Wing shall review suggestions received from stakeholders by the twelfth day of January.
• A new CRF, if required, shall be finalized by the fifteenth day of January and approved by Member Inland Revenue.
• PRAL is mandated to complete the configuration and development of the approved CRF by the twentieth day of January.
• UAT of the final Return forms on the testing environment should be concluded by the twenty-fifth day of January and submitted to Member Inland Revenue Policy for approval.
• Final income tax return forms shall be available on IRIS by the thirty-first day of January.
• In the event of any further amendments in the financial year that impact the finally notified income tax return forms, such changes shall be incorporated accordingly.
• Notwithstanding the aforementioned, the specified time may be extended by the Board upon the request of the Member Inland Revenue Policy, subject to suitable conditions and limitations.
As the FBR gears up to meet these stringent timelines, taxpayers are advised to stay abreast of these developments to ensure seamless compliance with the impending tax filing procedures.
