{"id":89669,"date":"2022-10-29T09:58:00","date_gmt":"2022-10-29T04:58:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=89669"},"modified":"2022-10-28T15:36:15","modified_gmt":"2022-10-28T10:36:15","slug":"tax-fbr-resolve-tax-form-issues","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/tax-fbr-resolve-tax-form-issues.html","title":{"rendered":"Tax bodies ask FBR to resolve tax form issues"},"content":{"rendered":"\n<p>Islamabad: The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to correct mistakes in the FBR&#8217;s online tax filing platform, news sources reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-return-small-traders.html\" data-type=\"post\" data-id=\"89571\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notifies new income tax return forms for small traders<\/a><\/p>\n\n\n\n<p>In a letter to the FBR, the bar has said that it has identified many mistakes and deficiencies in the FBR\u2019s IRIS system related to the income tax filing mechanism. The letter has identified the following discrepancies in the system:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An inactive column for refund adjustment of genuine refunds to taxpayers.<\/li><li>Problems related to income attribution concerning minimum taxation under Section 153 of the income tax ordinance led to \u2018unwarranted higher taxation on the same income of a taxpayer<\/li><li>The initial depreciation allowance on plant and machinery under Section 23<\/li><li>Erroneous calculation of the written-down value of assets \u2014 one calculated after accounting for depreciation or amortization<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-deadline-filing-tax-returns.html\" data-type=\"post\" data-id=\"89081\" target=\"_blank\" rel=\"noreferrer noopener\">FBR extends deadline for filing tax returns<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The adjustment of brought-forward capital losses on listed securities under the head of capital gains, due to which tax on capital gain could not be calculated correctly under Section 37A<\/li><li>Returns for small and medium-sized businesses completed without draft returns, as well as the value of properties used to compute considered income under Section 7E<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-return-small-traders.html\" data-type=\"post\" data-id=\"89571\" target=\"_blank\" rel=\"noreferrer noopener\">FBR notifies new income tax return forms for small traders<\/a><\/p>\n\n\n\n<p>Separately, the Lahore region&#8217;s chief commissioner of the FBR&#8217;s inland revenue division stated that the tax office is considering extending the deadline for filing returns. He stated that the decision is being considered since more and more tax filers are joining the system and require time to adjust to the additional tax scrutiny.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to correct mistakes in the FBR&#8217;s online tax filing platform, news sources reported. Read: FBR notifies new income tax return forms for small traders In a letter to the FBR, the bar has said that it has identified many mistakes and deficiencies in the FBR\u2019s IRIS system related to the income tax filing mechanism. The letter has identified the following discrepancies in the system: An inactive column for refund adjustment of genuine refunds to taxpayers. Problems related to income attribution concerning minimum taxation under Section 153 of the income tax ordinance led to \u2018unwarranted higher taxation on the same income of a taxpayer The initial depreciation allowance on plant and machinery under Section 23 Erroneous calculation of the written-down value of assets \u2014 one calculated after accounting for depreciation or amortization Read: FBR extends deadline for filing tax returns The adjustment of brought-forward capital losses on listed securities under the head of capital gains, due to which tax on capital gain could not be calculated correctly under Section 37A Returns for small and medium-sized businesses completed without draft returns, as well as the value of&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[12723,54696],"persona":[],"class_list":{"0":"post-89669","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-tax-form-2019","9":"tag-tax-bodies-ask-fbr-to-resolve-tax-form-issues","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax bodies ask FBR to resolve tax form issues - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to correct mistakes in the FBR&#039;s online tax filing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/tax-fbr-resolve-tax-form-issues.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax bodies ask FBR to resolve tax form issues - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to correct mistakes in the FBR&#039;s online tax filing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/tax-fbr-resolve-tax-form-issues.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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