ISLAMABAD: On Tuesday, the Federal Board of Revenue (FBR) issued; draft income tax return forms for the tax year 2022 for salaried folks. The FBR issued SRO 820(I)/2022 to notify the draft; income tax return forms.
The bureaucracy included; digital go back for salaried individuals; electronic return for the association of character (AOPs); digital return for business individuals; and digital return form for corporations.
Within, seven days of the draft return bureaucracy getting published, stakeholders got advised to provide objections or suggestions. “If the FBR receives any objections or suggestions regarding the draft, it will get consulted before the end of the notice,” it stated.
A profit tax return will get filed for the tax year 2022, beginning on July 1, 2022. This return will get filed until September 30, 2022. As in line with the earnings Tax Ordinance, 2001, all the taxpayers, other than corporate entities, are required to report their annual profits tax returns on or before September 30 every year.
After the stipulated time for drafting draft, returns has expired, the FBR may encounter problems with the finalized profits tax go-back paperwork. Formal profits tax returns must be filed by July 1, 2022, and can begin then.
For the tax year 2022, the deadline for submitting income tax returns is September 30, 2022.
By September 30, 2022, all salary earners, entrepreneurs, AOPs, and organizations with special tax years must file their income tax returns. But company entities with months ending in July and June must submit their annual returns by December 30, 2022.