The Federal Board of Revenue (FBR) has issued a draft of the electronic income tax return forms for companies, association of persons (AOPs), business individuals, and Salaried Individuals for Tax Year 2024.
Astonishingly, the FBR has issued the same old complicated return form for Salaried Individuals despite repeated requests from stakeholders for a simple form for broadening the tax base and expanding the tax net.
The FBR has also issued a separate Individual Paper Return for Tax Year 2024.
Through an S.R.O. 895(I)/2024 issued by the FBR on Tuesday, the draft of certain further amendments in the Income Tax Rules, 2002 has been proposed.
Under the S.R.O. 895(I)/2024, the FBR has issued a draft of an electronic return form for the company; an electronic return form for AOP; an electronic return form for Individuals, and an electronic return form for Salaried Individuals.
Under the S.R.O. 896(I)/2024, the FBR has issued a draft of individual Paper Return for Tax Year 2024.
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