FBR Sets Timeline for Finalization of Return Form

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After years of allowing multiple extensions in the dates of filing the income tax return due to errors in online form, Federal Board of Revenue (FBR) has finally decided to stop that ritual. In routine, FBR finalizes and uploads income tax return form after the close of a financial year to which the Return relates. As soon as the return goes online, stakeholders from business, industry, bars and accounting profession start identifying errors in return form and ask for extension in the date of deadline for filing the return. So, FBR has issued rule for time limit for notifying income tax return in order to avoid giving repeated extensions in the return filing date. Following is the brief introduction of the law:

Snapshot

Reference No.

SRO 1185 (I)/2020

Description

Rule 34A. Time limit for notifying income tax return form

Date of Issuance

06 November 2020

Amendment

Income Tax Rules, 2002

Objective

To settle timeline in respect of various steps involved in notifying income tax return forms for a tax year.

Effective date

With immediate effect

 

Explanation

The final income tax return shall be notified on or before 31 January of the financial year following the financial year to which the return relates. Following is the timeline for the finalization of the return form: 

Sr.

Timeline *

Activities

1

31 August

Inland Revenue Policy Wing (IRPW) shall identify the legal amendments to be incorporated in the Income Tax Return Forms

2

15 September

Preparation of Change Request Form (CRF) shall be finalized by IRPW and Information Technology Wing (ITW) in consultation with PRAL

3

16 September

Analysis and scrutiny of CRF by Chief Income Tax Policy and Chief Business Domain Team and to be submitted for approval to the Member Inland Revenue Policy

4

31 October

PRAL shall complete configuration and development of the approved CRF

5

15 November

User Acceptance Test (UAT) of the amended return forms on testing environment shall be finalized by IRPW and ITW in consultation with PRAL and the same shall be submitted to the Member Inland Revenue Policy for approval

6

On or before 01 December

Notification of Return Form for suggestion from all persons likely to be affected

7

7 January

The return form shall remain available on the portal for suggestions till this date

8

12 January

IRPW and IRW shall review the suggestions received from stakeholders

9

15 January

A new CRF, if required, shall be finalized by IRPW and ITW in consultation with PRAL and the same shall be approved by Member Inland Revenue

10

20 January

PRAL shall complete configuration and development of the approved CRF

11

25 January

User Acceptance Test (UAT) of the final return forms on testing environment shall be finalized by IRPW and ITW in consultation with PRAL and the sames shall be submitted to the Member Inland Revenue Policy for approval

12

On or before 31 January

Final income tax return form shall be available on the IRIS

 *All dates are of the financial year following the financial year to which the return relates.

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