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.

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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.

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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