Karachi, August 4, 2024 – The Federal Board of Revenue (FBR) has released a detailed procedure for taxpayers to seamlessly file their income tax returns for the tax year 2024.
Logging into Iris: The Digital Gateway
The primary platform for filing income tax returns is the Iris portal, the FBR said. New taxpayers will need to register before proceeding. Those already registered can log in using their National Tax Number (NTN) or Registration Number and password.
For those who have forgotten their password, the FBR has provided a password reset option. Once logged in, taxpayers can change their password for added security, the FBR advised.
Completing the Return and Wealth Statement
To successfully submit an income tax return, taxpayers must complete both the Return of Income form and the Wealth Statement. The FBR has introduced video tutorials and a Knowledge Base portal to guide taxpayers through the process.
A crucial step is reconciling the Wealth Statement. The increase or decrease in wealth must match the difference between income and expenses, according to the FBR.
Special Considerations for Salaried Individuals
To simplify the process for salaried individuals, the FBR has introduced Declaration form 114(I). This form is applicable to those whose salary constitutes more than 75% of their total income.
Revising Returns and Record Keeping
Taxpayers have the option to revise their income tax returns within five years of the original filing date. Wealth statements can also be revised before receiving a notice from the FBR.
It’s important to note that taxpayers must retain income tax return records for six years.
Protecting Taxpayer Information
The FBR emphasizes that personal information provided during the tax filing process is confidential and will not be shared with anyone except tax officials. Non-compliance with tax filing obligations can result in penalties and prosecution.
Disclaimer: This information is based on the official FBR website. For accurate and up-to-date details, please visit the FBR’s official portal.
