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ISLAMABAD: Pakistan Tax Bar Association (PTBA) has raised serious issues in the filing of income tax return for tax year 2022 including valuation of properties, inactive column for refund adjustment, value of properties for calculation of deemed income and a new section 7E annexure.

In a communication to the FBR Chairman Asim Ahmed on Friday, the PTBA has highlighted the challenges in filing section 7E details and unresolved issues in IRIS income tax return/ wealth statement for the tax year 2022.

PTBA has already pointed out various technical and practical issues in the IRIS pre-defined formulas in the Income Tax Returns for Tax Year 2022 and we also endorse the stand/ opinion/ observations about system highlighted by our regional affiliated bars.

However, as for as filing of Income Tax Return is concerned, tax machinery has not reached up to the mark to facilitate the taxpayers by providing error free, flawless and hassle free tax return forms.

Income tax returns form: FBR urged to resolve all technical issues

Similarly, the draft SRO.1829(I)/2022 for Tax Chargeable/ Payments under section 7-E for the Individuals for the Tax Year 2022 was issued on 03-10-2022, whereas the final SRO.1891 (I)/ 2022 has been issued on 13-10-2022. Meaning thereby only 17-days’ time has been allowed to charge, deposit and file the returns which is insufficient as provided under law supra. That, after the final notification vide SRO 1891(I)/ 2022 dated 13-10- 2022 and insertion of new annexure of 7-E in return, which was issued late of three and half month after the final notification of return has opened a new set of requirement that require un-necessary data fields regarding the description/ categories of property, locality details of property and detail of exempt properties. That, multiple SRO’s have been issued for valuation of properties under section 68 of the Income Tax Ordinance, 2001 consisting of thousands pages each SRO and frequently changed/ amended and no updated separate list of SRO is available, which will also increase the risk of error and mistakes. In order to streamline the process and ease of taxpayer and legal fraternity, the FBR should issue a final amended notification enabling the taxpayer and tax advisors to complete their work.

The IRIS portal is calculating incorrect initial depreciation allowance on purchase of Plant and Machinery against the provisions, of section 23 read with the part-II, 3rd Schedule of the Income Tax Ordinance, 2001.

Copyright Business Recorder, 2022

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