AGL 40.10 Decreased By ▼ -0.06 (-0.15%)
AIRLINK 130.85 Decreased By ▼ -0.88 (-0.67%)
BOP 6.71 Increased By ▲ 0.02 (0.3%)
CNERGY 4.57 Increased By ▲ 0.10 (2.24%)
DCL 9.04 Increased By ▲ 0.22 (2.49%)
DFML 41.26 Increased By ▲ 0.65 (1.6%)
DGKC 84.89 Increased By ▲ 0.81 (0.96%)
FCCL 32.75 Increased By ▲ 0.41 (1.27%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.57 Increased By ▲ 0.22 (1.94%)
HUBC 110.80 Decreased By ▼ -0.96 (-0.86%)
HUMNL 14.32 Increased By ▲ 0.01 (0.07%)
KEL 5.26 Increased By ▲ 0.04 (0.77%)
KOSM 8.84 Decreased By ▼ -0.14 (-1.56%)
MLCF 39.30 Decreased By ▼ -0.13 (-0.33%)
NBP 60.90 Increased By ▲ 0.61 (1.01%)
OGDC 195.94 Increased By ▲ 1.00 (0.51%)
PAEL 26.70 Increased By ▲ 0.01 (0.04%)
PIBTL 7.50 Increased By ▲ 0.02 (0.27%)
PPL 156.20 Increased By ▲ 0.43 (0.28%)
PRL 27.00 Increased By ▲ 0.32 (1.2%)
PTC 18.16 Decreased By ▼ -0.14 (-0.77%)
SEARL 82.00 Decreased By ▼ -1.02 (-1.23%)
TELE 8.37 Increased By ▲ 0.14 (1.7%)
TOMCL 34.65 Increased By ▲ 0.10 (0.29%)
TPLP 9.10 Increased By ▲ 0.29 (3.29%)
TREET 17.40 Increased By ▲ 0.70 (4.19%)
TRG 62.23 Decreased By ▼ -0.22 (-0.35%)
UNITY 27.60 Increased By ▲ 0.16 (0.58%)
WTL 1.37 Increased By ▲ 0.09 (7.03%)
BR100 10,393 Increased By 206.3 (2.02%)
BR30 31,509 Increased By 172.7 (0.55%)
KSE100 97,218 Increased By 1671.3 (1.75%)
KSE30 30,161 Increased By 582.8 (1.97%)

ISLAMABAD: The Federal Board of Revenue (FBR) has assured the tax lawyers/advisers that the tax computation formulas in few areas of the income tax returns would be corrected without delay, but the last date would not be extended.

On Monday, some tax experts met the FBR officials at the FBR Headquarters to raise issues of miscalculation of taxes in the specified formulas during filing of returns. Most of the issues were related to the interpretation of law, tax disputes and legal issues.

TY2021: FBR receives over 1m income tax returns so far

However, the FBR Inland Revenue Policy officials agreed to three areas like minimum tax calculation and tax computation on sale of properties due to changes made in the last budget.

These tax calculation formulas would be corrected without any further delay, but the last date for filing of income tax returns would not be extended. The issue in few tax calculation formulas in the returns filing do not have any effect on a major chunk of return filers as it is related to specific areas.

Therefore, most of the return filers would not have any issue due to few corrections in the computation formulas in some areas of the income tax returns. According to a source, the FBR is confident that the tax returns would reach three million mark by the end of September 30.

Tax return: FBR clarifies penalty for each day of default

The day-to-day comparison of returns revealed that the FBR is ahead of the figures when compared with the last year. The maximum returns are filed in the last 1-2 days and it is expected that the figure would reach three million by the end of September 30. The FBR system is running smoothly and there are no problems in filing of returns through the IRIS system, the source added.

Copyright Business Recorder, 2021

Comments

Comments are closed.

Abba ji Sep 30, 2021 12:33pm
Only in pakistan one can expect systems implemented first & faults corrected thereafter, another orphan institution.
thumb_up Recommended (0)