The Federal Board of Revenue (FBR) has released a draft of the electronic income tax return forms for various categories, including companies, associations of persons (AOPs), business individuals, and salaried individuals for the Tax Year 2024.
Despite repeated appeals from stakeholders for a simpler format, the FBR has astonishingly issued the same old complicated return form for salaried individuals. This decision is seen as a missed opportunity for broadening the tax base and expanding the tax net, as a simpler form could have encouraged more individuals to file their taxes.
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Additionally, the FBR has issued a separate paper return form for individuals for the Tax Year 2024. The proposed amendments are encapsulated in S.R.O. 895(I)/2024, which was issued by the FBR on Tuesday. This S.R.O. introduces drafts of electronic return forms for companies, AOPs, business individuals, and salaried individuals.
Another regulation, S.R.O. 896(I)/2024, pertains specifically to the draft of the individual paper return for the Tax Year 2024. The issuance of these drafts marks a significant step in the tax filing process for the upcoming tax year, although the complexity of the forms for salaried individuals remains a point of contention.
