Monday, 15 April 2024
Trending
Tax Refunds Adjustment against Current year tax liability tab restored by FBR
TAXATION

Good News Taxpayers can now adjust Previous Years’ Tax Refunds against the Current Year Liability

Good News Taxpayers can now adjust Previous Years’ Tax Refunds against the Current Year Liability

Good News Taxpayers can now adjust Previous Years’ Tax Refunds against the Current Year Liability. The great news is here for taxpayers who have previous years’ income tax refunds and they were going to file their current year’s income tax returns. Now they need not worry about payment of their current year’s tax liability for the tax year 2022. Because the tab of adjustment of previous years’ refunds recently restored by FBR.

Taxpayers can now easily adjust their previous year’s tax refunds from the current year’s tax liability for the tax year 2022 return filing.

The Federal Board of Revenue (FBR) on Tuesday enabled this tab in the income tax return forms to ensure smooth filing of returns and improve ease of doing business and decrease the burden of tax on taxpayers.

FBR issued a press release, and said it had received a number of representations from various tax bars, businesses, and other stakeholders on the issue of the non-availability of the refund adjustment tab in the income tax return forms available in IRIS.

FBR restored previous years tax refunds adjustment tab. Good News Taxpayers can now adjust Previous Years' Refunds against the Current Year Liability.

Such tab was first time disabled in tax return forms of 2022 but previously it was available to adjust refunds against tax liability.

See also  Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails

“This facility will allow taxpayers to adjust their pending refund claims against admitted liability of TY 2022 at the time of filing tax returns who had filed applications to claim their outstanding refunds of previous years,” FBR says.

It added that the refund applications filed up to 27.09.2022 are eligible for adjustment of refunds. “This facility is available to all taxpayers who have not claimed excess adjustment against previous years’ refunds.”

Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: