Filing of electronic tax returns has been made mandatory under the new proposal.

ISLAMABAD – The National Assembly’s Standing Committee on Finance has approved a proposal requiring submission of income tax returns exclusively through electronic means.

According to Federal Board of Revenue (FBR) officials, taxpayers will be required to file their income tax returns electronically through the IRIS system. The committee also approved a proposal calling for companies to file their financial statements in a machine-readable format.

Manual tax returns have largely been phased out since 2013, though some returns are still being filed manually in a few cities, including Gujranwala, FBR officials said. The new proposal aims to make electronic filing mandatory across the country.

The committee also approved a proposal to allow revised tax returns for taxpayers opting for the algorithmic settlement mechanism. Under the system, taxpayers will not need prior approval from the Commissioner to amend their returns. Also, according to the FBR, those opting for the algorithmic settlement option will be exempted from separate penalties and surcharges.

The post Filing electronic tax return is mandatory under the new proposal appeared first on Daily Pakistan English News.

Stay updated with the latest alerts on this story:
View Original Coverage