TAXATION

FBR issues Manual Income Tax Return Forms for Individual and AOPs for Tax Year 2021

The Federal Board of Revenue (FBR) on Friday issued manual income tax returns forms for tax year 2021. The return form has been issued just a month ahead of filing deadline i.e. September 30, 2021. The FBR issued SRO 1073(I)/2021 to notify the paper return form for individuals and Association of Persons (AOPs) for tax year 2021.

The latest paper income tax return form issued through SRO 1073(I)/2021 is for certain individuals and AOPs. However, tax experts believe that giving one month to taxpayers to comply with statutory requirement is not justified. The FBR issued SRO 1022(I)/2021 on August 16, 2021 to notify the draft paper Income Tax Return Forms.

Draft Income tax Return Forms Manual for Individual and AOPs for Tax Year 2021 – SRO 1022(1)2021, Dated: 16th August 2021

Previously, Federal Board of Revenue (FBR) issued SRO No 1022(1)2021 Dated: 16th August 2021 regarding draft income tax return forms manual for individual and Association of Persons (AOPs) for tax year 2021.

According to above SRO, “FBR issues draft of certain further amendments in the Income Tax Rules, 2002, which the Federal Board of Revenue (FBR) proposes to make in exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 is hereby published for information of all persons likely to be affected thereby and, as required by sub-section (3) of said section , notice is hereby given that objection or suggestions thereon, if any, may for consideration of the Federal Board of Revenue be sent within seven days (7 Days) of the publication of the draft in the official gazette. Objection or suggestions which may be received from any person in respect of the said draft, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue.

S.R.O1073(I)/2021 – Amended Manual Income Tax Return Forms for Individual and AOPS for Tax Year 2021

Federal Board of Revenue (FBR) issued SRO No 1073(I)/2021 Dated: 27th August, 2021, whereby the FBR directed that the following further amendments shall be made in it’s earlier Notification No. SRO 1022(I)/2021, Dated: 16th August, 2021. “In the aforesaid notification, after part II-T, the new Part-II-U shall be added.

DOWNLOAD (SRO No 1073(I)/2021 Dated: 27th August, 2021 and Final Manual Income Tax Return Forms)

FBR uploaded Online income tax return forms for Tax Year 2021

The Federal Board of Revenue (FBR) on 1st July, 2021 announced that it is now accepting income tax returns for the fiscal year 2020-2021. It is worth mentioning that taxpayers are required to file income tax return file electronically. In this regard the FBR already notified the electronic income tax return form for tax year 2021. The FBR has already notified electronic income tax return form for taxpayers including salaried persons, business individuals, association of persons and companies. The return forms were issued through SRO 853(I)/2021 dated July 01, 2021.

“Federal Board of Revenue (FBR) has uploaded the Income Tax Return Forms for Tax Year-2021. Separate Return Forms for Salaried, Association of Persons and Business Individuals have been uploaded. The returns for the outgoing fiscal year can be filed through the FBR’s web portal or the Tax Asaan application. The income tax returns can be filed online through smart phones by installing the Tax Aasaan application from Google play store.

The country’s premier tax collecting authority said that the guidelines for filling all the required particulars are available on the return form. The FBR said that a “media campaign” would also be launched by the board to raise awareness for filing of taxes.

Last Date to File Income Tax Returns for Salaried, Individual and AOPs

FBR said that the last date to file the tax returns for tax year 2021 for Salaried Persons, Individuals and Association of Persons is September 30th, 2021. On the other side, the last date to file income tax returns for Companies will be 31st December, 2021.

FBR, has already issued letter whereby, it has alarmed to the taxpayers that no extension in filing annual income tax returns will given for tax year 2021.

Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status.

Penalty for late submission annual income tax return for tax year 2021
Penalty for Late Submission of Annual Income Tax Return for Tax Year 2021

Section 182(1) Offences and penalties – Non-filing of Income Tax returns

Offence: Where any person fails to furnish a return of income as required under section 114 within the due date.

Penalties: Such person shall pay a penalty equal to 0.1% of the tax payable in respect of that tax year for each day of default subject to a maximum penalty of 50% of the tax payableprovided that if the penalty worked out as aforesaid is less than [forty] thousand rupees or no tax is payable for that tax year such person shall pay a penalty of [forty] thousand rupees.

Minimum penalty – Salaried case

If seventy-five percent of the income is from salary and the amount of income under salary is less than five million Rupees the minimum amount of penalty shall be five thousand Rupees.

Explanation.— For the purposes of this entry, it is declared that the expression “tax payable” means tax chargeable on the taxable income on the basis of assessment made or treated to have been made under section 120, 121, 122 or 122C.

Section 182(1AA) – Failure to furnish wealth statement

Offence 114 & 116: Where any person fails to furnish wealth statement or wealth reconciliation statement.

Penalty: Such person shall pay a penalty of “0.1% of the taxable income per week or Rs.[100,000] whichever is higher.”

Section 182(IAAA) – fails to furnish a foreign assets and income statement

Offence (116A): Where any person fails to furnish a foreign assets and income statement within the due date.

Penalty: Such persons shall pay a penalty of 2 percent of the foreign income or value of the foreign assets for each year of default.

Section 182(A) – Return not filed within due date & penalty for active taxpayer status

Offence: If a person fails to file a return of income under section 114 by the due date as specified in section 118. He may not be included in the active taxpayers’ list for the year for which return was not filed within the due date.

Penalty: However, a person shall be included in the active taxpayer list on filing return after the due date, if the person pays surcharge:
(i) twenty thousand in case of a company;
(ii) ten thousand in case of an association of persons;
(iii) one thousand in case of an individual.

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Draft Income Tax Returns | Manual Income Tax Returns | Last Date to file Income Tax Returns | Penalty for Non submission of Tax Returns | Penalty for Late Submission of Tax Returns | FBR | Federal Board of Revenue | Income Tax Returns | Inland Revenue Service | Paper Income Tax Returns Forms | Tax Year 2021 |

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