FBR launches simplified income tax return for SME manufacturers

ISLAMABAD: The Federal Board of Revenue (FBR) in collaboration with PRAL, has launched a single-page simplified Income Tax Return for SME manufacturers having turnover up to Rs50 million.
The simplified form could be availed by individuals and Association of Persons (AOPs), according to a press statement issued here by the board.
Terming it as significant initiatives to facilitate taxpayers by making compliance easier, the board said it was introduced in line with the vision of the prime minister and special assistant to the prime minister on revenue, Federal Board of Revenue.
This return form is available on Iris portal and requires input of basic data relating to business activities conducted by eligible taxpayers during the period relevant to tax year 2020.
Likewise, the FBR has upgraded IRIS system with the help of PRAL for issuing SMS and e-mails whenever any notice is issued or any assignment is created by the tax officer.
Previously, taxpayer would know about such notices/ intimations only after logging onto Iris portal. With the objective of improving compliance with a facilitative environment, after IRIS upgrade, taxpayers and intermediaries would receive notifications of such communications through SMS and e-mails making compliance easier and smarter.
The FBR has launched a system Maloomaat-TaxRay wherein taxpayers can access all information available with the FBR by logging through a secure mechanism. - APP