Inside Financial Markets

FBR Launches New Income Tax Return Form

ISLAMABAD: The Federal Board of Revenue (FBR) has prepared Income Tax annual return Form for Tax Year 2015 by incorporating necessary legal changes and suggestions of business community and of professional bodies.

FBR (Federal Board of Revenue)

The new Income Tax returns for all taxpayers have been uploaded on FBR’s website

According to a statement here on Saturday, taxpayers will have to use these returns for filing their annual Income Tax returns due by August, 31 for salaried persons and by September, 30 for companies closing their accounts by December 31, 2014 and all other non-salaried individuals and Associations of Persons (AoPs).

More About decision By FBR :

Federal board of revenue (FBR ) told that these quick decision are taken to facilitate the taxpayer in Pakistan along with more tax network enhancement system. they also told that now the date for taxpayer of salaried person for Online Return Filing will be 31st august 2015. taxpayer can submit their Online Return Filing before this date. it is also a routine by federal board of revenue (FBR ) that such deadline for Online Return Filing is extended. it is expected that this deadline will be extended till November end.

Budget of Pakistan 2015-2016 was also important because new tax were introduced for many things. in such budget withholding tax  of 0.6 % were imposed on each banking transaction who are non tax payer. government also increase the tax on vehicle owner who is non tax payer. it seems that government is taking interest to increase government income to run state effectively by these decision.

There are many more stats which shows that FBR was not working effectively. Online Return Filing which is now mandatory is a steps toward good working of fbr. if look at the stats it can be easily seen that number on return filer is shrinking every year gradually.  in 2010 only 1.7 million people file the tax. Online Return Filing is one of the major decision to increase the effectively working of FBR.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)