ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for companies to submit financial statements accompanying their income tax returns electronically through the IRIS portal in an electronically readable file format from tax year 2026 onwards.
According to a notification SRO 1912(I)/2026 issued by the FBR on Tuesday, the FBR has proposed inserting a new sub-rule (2F) in Rule 73 of the Income Tax Rules, 2002, under which financial statements filed with company income tax returns would have to comply with the electronic filing requirements.
“In the case of a company, for tax year 2026 and onwards, the financial statements accompanying the return of income shall be furnished electronically through IRIS only in an electronically readable file format within the meaning of clause (l9DA) of section 2,” the notification said.
READ ALSO: Tax return deadline extended till 31st
The proposed amendments stipulate that financial statements must conform to the data scheme, taxonomy, file structure, field mapping, validation rules and other technical specifications specified by the FBR and made available through IRIS or its web portal.
The FBR may prescribe different data schemes, taxonomies or technical specifications for different classes of companies, keeping in view the financial reporting framework applicable to them.
The draft notification also proposes substituting sub-rule (3) of Rule 73 to provide that returns, statements, financial statements, certificates, applications and other documents submitted electronically through IRIS must be verified by the relevant person or, where permitted, their e-intermediary through a digital signature or another secure electronic authentication method linked to the person’s registered credentials, as specified by the FBR.
Upon successful transmission and validation, IRIS will issue an electronic acknowledgement bearing a unique reference number, which will serve as evidence of electronic filing for the purposes of the Income Tax Ordinance, 2001, and the relevant rules.
The proposed amendments have been issued under sub-section (1) of Section 237, read with sub-section (2A) of Section 114 of the Income Tax Ordinance, 2001.
The FBR has invited objections and suggestions from persons likely to be affected by the proposed amendments within seven days of publication of the notification in the official Gazette. Submissions received within the prescribed period will be considered by the Board before finalisation of the amendments.
Copyright Business Recorder, 2026