Monday, 6 February 2023
Trending
UPDATES

FBR has Corrected Tax Return Form for IT Exporters Under Section 154A

FBR has Corrected Tax Return Form for IT Exporters Under Section 154A

FBR has Corrected Tax Return Form for IT Exporters Under Section 154A. Here is good news for IT Exporters the Federal Board of Revenue (FBR) has corrected and removed the error in the income tax return form for the tax year 2022.

What was the error in Income Tax Return Form?

Error in income tax return was related to export services under section 154A of the Income Tax Ordinance, 2001. According to tax practitioners and providers of IT Export Services:

  • Tax liability under section 154A @1% on Export of Services is not taking effect in the computation tab of the income tax return form for the tax year 2022.
  • When we were entering foreign income proceeds amount and tax @ 1% on export services under section 154A, in the final tax tab then its effect is not updated in the tax computation of the income tax return form for the tax year 2022.
  • Moreover, In tax computation, advance tax deducted under section 154A was taking effect. But, the tax liability portion not showing. Due to which short deduction / not deducted or paid were not including in tax liability chargeable in the computation. Further, tax deducted under section 154A @1% were falling in income tax refundable in computation due to this reason.
  • Furthermore, if no tax deducted by bank or paid under @1% then no tax liability was showing in the tax computation portion of return.
  • Moreover, other tax liabilities under sections 151 (bank profit), and 37 (gain on sale of property) etc., under Income Tax Ordinance, 2001, were working properly.

Now, FBR has rectified this error in Income Tax Return form 2022 and IT export service providers can now submit their tax returns properly.

Moreover, it is also reminded here that the last date to file a tax return for the tax year 2022 has already been extended by FBR till December 15, 2022.

Related posts
UPDATES

How to Check your FBR Maloomat and tax details

Table of Contents How to Check your FBR Maloomat and tax detailsStep by step procedure to check the…
Read more
UPDATES

What is the Last Date to File Corporate Tax Return

Table of Contents What is the Last Date to File Corporate Tax ReturnTypes of BusinessesTax…
Read more
UPDATES

Balochistan High Court Issues Notices to FBR Regarding Section 7E

Table of Contents Balochistan High Court Issues Notices to FBR Regarding Section 7EWho has filled…
Read more
Newsletter
Subscribe Now

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