The Federal Board of Revenue (FBR) has said that in collaboration with PRAL, it has launched a single-page simplified income tax return form for small and medium-sized enterprise (SME) manufacturers, having turnover up to Rs50 million. In a statement on Friday, the FBR said that the facility can also be availed by individuals and associations of persons (AOPs). This return is available on Iris portal and requires input of basic data relating to business activities conducted by eligible taxpayers during the period relevant to tax year 2020. The FBR said that in line with the vision of the Prime Minister and Special Assistant to the PM on Revenue, the Federal Board of Revenue has taken significant initiatives to facilitate taxpayers by making compliance easier. Likewise, the FBR has upgraded the Iris system with the help of PRAL for issuing SMS and emails whenever any notice is issued or any assignment is created by a tax officer, the statement said. Previously, taxpayers would know about such notices/ intimations only after logging onto Iris portal. With the objective of improving compliance with a facilitative environment, after Iris upgrade, taxpayers and intermediaries will receive notifications of such communications through SMS and e-mails making compliance easier and smarter.
FBR launches single-page income tax return form for SME, AOP
The Federal Board of Revenue (FBR) has said that in collaboration with PRAL, it has launched a single-page simplified income tax return form for small and medium-sized enterprise (SME) manufacturers, having turnover up to Rs50 million. In a statement on Friday, the FBR said that the facility can also be availed by individuals and associations […]
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