The Federal Board of Revenue has failed to issue the final income tax return forms for Tax Year 2011, giving no time to taxpayers to study and analyse the new returns for timely filing of the same. Tax experts told Business Recorder on Tuesday that the FBR had circulated the draft of the proposed return income few months back, but the final return has not been issued due to unknown reasons.
Taxpayers would have very less time to analyse the new return form in detail before filing of returns in September 2011. The Board has not yet finalised the income tax return forms, resultantly taxpayers, who are interested in filing the income tax returns for Tax Year 2011, cannot file the same due to failure at the part of FBR to devise income tax return forms.
As per provisions of Income Tax Ordinance, 2001 all taxpayers whose business year closes on 30th day of September 2010 and 31st day of December 2010 like sugar industries, some permanent establishments of Non-Resident or Banking Companies etc, who are interested to fulfil their legal obligation in filing of income tax returns for Tax Year 2011, cannot file the same by using FBR Web-Portal.
The FBR has not yet notified/uploaded the format of income tax return for Tax Year 2011. Similarly in case of taxpayers having status of Individual/AOP are also obliged to fulfil their obligation to submit return for the financial years which closed on June 30, 2011 but return form for such categories of taxpayers is also absent from the FBR web portal.
It is inevitable to point out that as per law FBR has made it mandatory for certain categories/types of taxpayers to fulfil their legal obligation to file their income tax returns electronically, while till date tax return for Tax Year 2011 is not available for electronic filing or manual submission, therefore, persons liable to file returns electronically and willing to file the same now, cannot fulfil their obligation due to failure/deficiency at the part of FBR/eFBR/Pral.
Due to failure on the part of FBR persons/taxpayers liable to file tax returns electronically cannot fulfil their obligation. Resultantly, taxpayers cannot discharge their responsibility under the prevailing circumstances because the return for tax year 2011 is not available at the FBR Web Portal. Presently, there is no provision available on the FBR Web Portal to select the Tax Year 2011 for filing of income tax returns.
Tax experts pointed out that in the past, the FBR usually used to notify the returns for individuals and the Association of Persons (AOPs) in late August and for companies (Corporate taxpayers) in late November, however, draft SRO was issued on April 13, 2011, but so far the final return has not been notified.
The FBR has not yet issued the final income tax return forms for companies, Association of Persons (AOPs) and Individuals (Tax Year 2011), over three and half months have been passed, but the return forms have not been finalised. FBR has to issue the return forms taking into account the comments of the stakeholders, tax experts added.
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