FBR opens IRIS portal for 2021 annual returns filing

Web DeskWeb Editor

01st Jul, 2021. 07:52 pm
FBR

KARACHI: The Federal Board of Revenue (FBR) on Thursday opened its IRIS portal for filing annual returns of income for the tax year 2021, giving taxpayers three months for compliance.

The FBR’s portal is opened for returns filing by salaried persons, business individuals, association of persons (AOPs) and corporate entities having special financial year. The last date for filing income tax returns for the tax year 2021 is September 30, 2021.

The revenue board on Thursday also issued income tax return forms for such categories of taxpayers. In the past, the FBR had always delayed the issuance of tax return forms, which resulted in the extension of last dates.

Last year, the FBR extended the date up to December 8, 2020 only for one time for filing returns for the tax year 2020 with an official announcement that the return of income would be ready for filing from July 1 from the next year.

The Karachi Tax Bar Association (KTBA); however, said the filing of returns by the taxpayers from July 1 is not possible due to various reasons. Practically, it was impossible for any taxpayer, be it individual, Association of Person (AOP) or a company to file return of income, particularly on the first day of July or immediately because certificates for the purpose of Section 149 are issued by the employers broadly by the end of July so is the case of other withholding certificates by the withholding agents, the tax bar added.

It said the closing of books and completion of financial statements on June 30 is effectively impossible as the sales tax return for June is filed by the middle of July.

“Mainly the taxpayer starts compiling necessary information and documents to prepare and file the returns in the first week of July and normally it takes at least a month for this purpose. As such the pace of filing of return in July is almost nil and very slow,” it said.
The tax bar suggested for the purpose of Section 118 of the Income Tax Ordinance, 2001, the FBR should fix the deadline to file returns, keeping in view the above, as well.

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