ISLAMABAD: Leading tax experts have asked the Federal Board of Revenue (FBR) to issue a simplified return form for retailers (excluding Tier-1 retailer) as the salaried class can avoid default surcharge and penalty by timely filing their income tax returns forms.
Asif S Kasbati, ICAP Fiscal Laws Committee Member and PBC Core Tax and Legal Committee Member informed Business Recorder on Saturday that the Board has timely notified the income tax return form the salaried class and other categories of taxpayers. The FBR has issued income tax return forms for salaried persons, Association of Persons (AOPs)/Partnership, business individual and companies for tax year 2021 vide SRO 853 and IRIS portal is also opened for e-filing of the returns.
When discussed the matter, he appreciated the early notifying forms viz-a-viz last year for salaried person, business individuals, AOPs and companies on 1 July 2021, and anyone can e-file the return for tax year 2021 for the fiscal year from 1 July 2020 to 30 June 2021.
Kasbati also highlighted that the deadline for the final returns forms SRO as per the Table Serial 4 was due 31 January 21, considering Rule 34A, however, the same has been issued on 1 July 2021. Last year, when the forms were issued on 8 September 2020 vide SRO 822 and hence, the FBR had to grant general extension till 8 December 2020 vide Circular 4 dated 30 September 2020, and thereafter, no general extension was granted.
Taking this into account, Kasbati predicted that the FBR is not likely to grant general extension, hence, recommended that all the old taxpayers as well as the new taxpayers should submit the return as soon as possible but latest by September 30, 2021 in order to avoid default surcharge and penalty.
There is likely a Simplified Return Form for Retailers (other than Tier-1 Retailer) like one issued last year vide SRO 885 dated September 17, 2020, Kasbati said he expects.
Copyright Business Recorder, 2021
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