The taxpayers, who are interested in filing the income tax returns for Tax Year 2011, cannot file the same, as the Federal Board of Revenue (FBR) has not yet notified the date of return for the Tax Year 2011. Sources told Business Recorder here on Saturday that some categories of taxpayers have the option to file returns for the Tax Year 2011 even these days.
Such taxpayers include those companies whose year closes on December 31, 2010 or the taxpayers who want to file interim return or the persons who want to close their business due to any reason and file the return. In the past, the FBR usually used to notify the returns for individuals and the Association of Persons (AOPs) in late August and for companies in late November. This leaves very less time for the taxpayers to comment on the draft return and subsequently file the same in such a short period. Due to delay in notifying the returns, every year the FBR has to extend the date for filing of return.
Sources said that the FBR has made it mandatory for various types of persons to file their returns electronically. These persons include all companies, all Association of Persons (AOPs), all sales tax registered persons and individuals drawing Rs 500,000 and above as income and those persons who claim refunds in the returns. These categories of taxpayers are around 400,000 to 500,000, therefore, they require a reasonable time to prepare and file their returns electronically. Otherwise, the FBR Web-Portal chocks due to over loading of data. Hence, the taxpayers face a lot of problems at the actual time of filing of returns. If the return is notified in current month, then both the tax consultants as well as the taxpayers will be able to electronically file the returns in time without any hassle.
Sources said that the tax return for Tax Year 2011 is not available for electronic filing. Therefore, persons liable to file returns electronically cannot use the tax return for Tax Year 2010. In other words, they cannot discharge their responsibility under the prevailing circumstances because the return for tax year 2011 is not available at the FBR Web Portal. Presently, there is no provision available on the FBR Web Portal to select the Tax Year 2011 for filing of income tax returns.
The countries, who have introduced electronic filing systems, usually keep the return forms unchanged for many years and in case such forms are required to be modified, then those are amended well in advance before actual release of the forms, sources added.
When contacted, Ali Rahim, a leading Karachi-based tax consultant, said that the FBR has yet not notified the date of the return for Tax Year 2011. However, if anybody wants to close down the business or intend to file return, can use the return for Tax Year 2010. If the FBR notify the income tax return for the Tax Year 2011 in March 2011, it has to be amended after budget (2011-2012) incorporating legal changes in the income tax regime.
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