ISLAMABAD: The Federal Board of Revenue (FBR) has issued time limits for notifying the income tax return form.
The FBR has proposed draft amendments to the Income Tax Rules, 2002, through a notification issued Saturday.
A tax expert told Business Recorder that the Income Tax Ordinance 2001 does not specify time limits for notifying the income tax return form.
According to the FBR’s new rules, this rule shall apply for the purpose of setting timelines in respect of various steps involved in notifying income tax return forms for a tax year. The return form specified in sub-rule (2) of Rule 34 shall be notified for suggestions from all persons likely to be affected thereby on or before December 1 of the financial year, following the Finance Act to which the return relates by observing following timelines: Inland Revenue Policy Wing shall identify the legal amendments to be incorporated in income tax return forms by thirty-first day of August of the financial year following the Finance Act to which the return relates.
The preparation of change request form (CRF) shall be finalised by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by September 15 of the financial year following the Finance Act to which the return relates.
The analysis and scrutiny of change request form (CRF) by Chief Income Tax Policy and Chief Business Domain Team shall be conducted by September 16 of the financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval on the same day.
The PRAL shall complete configuration and development of the approved CRF by thirty first day of October of financial year following the Finance Act to which the return relates; and User Acceptance Test (UAT) of the amended return forms on testing environment shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by fifteenth day of November of financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval on the same day.
The return form shall remain available on the portal for suggestions till January 7 of financial year following the Finance Act to which the return relates.
The final return form shall be notified on or before January 31 of financial year following the Finance Act to which the return relates by observing following timelines: The Inland Revenue Policy Wing and Information Technology Wing shall review the suggestions received from stakeholders by December 12 of financial year following the Finance Act to which the return relates; A new Change Request Form (CRF), if required, shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with PRAL, by tenth day of January of the financial year following the Finance Act to which the return relates and the same shall be approved by Member Inland Revenue. The PRAL shall complete configuration and development of the approved CRF by fifteenth day of January of the financial year following the Finance Act to which the return relates; The User Acceptance Test (UAT) of the final return forms on testing environment shall be finalized by Inland Revenue Policy Wing and Information Technology Wing, in consultation with the PRAL, by eighteenth day of January of the financial year following the Finance Act to which the return relates and the same shall be submitted to Member Inland Revenue Policy for approval.
The final income tax return forms shall be available on IRIS by the thirty first day of January of financial year following the Finance Act to which the return relates; In case, any further amendments are introduced in Finance Act that have an impact on the finally notified income tax return forms referred to, such amendments shall be incorporated by seventh day of July of the financial year next following.
The time so specified may, if requested by the Member Inland Revenue Policy, be extended by the Board to such extent and subject to such conditions and limitations as it may deem proper, the FBR added.
Copyright Business Recorder, 2020
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