Islamabad: The Federal Board of Revenue (FBR) on Monday (October 24) notified a new Income Tax (IT) return form for small businesses and shopkeepers, news sources reported.
The new IT form will apply to small business owners with yearly revenues of less than PKR 10 million. The form was introduced via the FBR SRO 1955(1)/2022, which revised the Income Tax Rules, 2002. According to the details, the revised form was notified on October 13 after soliciting opinions and ideas from all stakeholders via SRO1892(I)/2022, issued on October 13. Under the notification, the FBR has also prescribed a return form for individuals and associations of persons (AoPs) having a turnover of up to PKR 50 million.
It is crucial to note that the FBR has set October 31 as the deadline for filing IT returns for the tax year 2022. Due to the complexity of the IT return forms, the deadline was pushed back by one month in response to requests from traders and businesses across the country.
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