Karachi, January 28, 2024 – The Federal Board of Revenue (FBR) is mandated by income tax laws to release the final return forms for Tax Year 2024 by January 31, 2024.
This imperative is outlined in the updated Income Tax Rules, 2002, specifying a series of timelines and procedures for the timely issuance of these crucial documents.
According to the provisions set forth in the Income Tax Rules, the FBR is obligated to follow a structured timeline for the release of the final return forms. The process involves various stages, ensuring thorough reviews and approvals to streamline the preparation and availability of the forms. The key steps include:
(a) Stakeholder Review: The Inland Revenue Policy Wing and Information Technology Wing are required to review suggestions received from stakeholders by the twelfth day of January of the financial year to which the return relates.
(b) Change Request Form (CRF) Finalization: If necessary, a new Change Request Form (CRF) is to be finalized by the Inland Revenue Policy Wing and Information Technology Wing, in consultation with the Pakistan Revenue Automation Ltd (PRAL), by the 15th day of January of the financial year to which the return relates. The approval of the Member Inland Revenue is mandatory for the CRF.
(c) Configuration and Development: PRAL is mandated to complete the configuration and development of the approved CRF by the 20th day of January of the financial year to which the return relates.
(d) User Acceptance Test (UAT): The Inland Revenue Policy Wing and Information Technology Wing, in collaboration with PRAL, are required to finalize the User Acceptance Test (UAT) of the final return forms on the testing environment by the 25th day of January of the financial year to which the return relates. The results of the UAT must be submitted to the Member Inland Revenue Policy for approval.
(e) Availability on IRIS: The final income tax return forms must be available on the Inland Revenue Information System (IRIS) by the thirty-first day of January of the financial year to which the return relates.
(f) Incorporation of Amendments: In the event of any further amendments made in the financial year that impact the finally notified income tax return forms, such amendments shall be incorporated accordingly.
(g) Extension Possibility: While the specified timeline is crucial, the rule also allows for the extension of time if requested by the Member Inland Revenue Policy. The Board has the authority to extend the time to such an extent and subject to such conditions and limitations as it deems proper.
This legally binding framework aims to ensure a systematic and efficient process for the release of Tax Year 2024 return forms, promoting transparency, and providing taxpayers with the necessary tools to fulfill their obligations in a timely manner. The adherence to these timelines is vital for both the FBR and taxpayers alike, fostering a well-regulated and accountable tax system.
