ISLAMABAD – The National Assembly Standing Committee on Finance has approved a proposal requiring income tax returns to be filed exclusively through electronic means.
According to officials from the Federal Board of Revenue (FBR), taxpayers will be required to submit their income tax returns electronically through the IRIS system. The committee also approved a proposal mandating that companies file their financial statements in a machine-readable format.
FBR officials said manual tax returns have largely been phased out since 2013, although some returns were still being submitted manually in a few cities, including Gujranwala. The new proposal aims to make electronic filing mandatory across the country.
The committee also approved a proposal allowing revised tax returns for taxpayers who opt for the algorithmic settlement mechanism. Under the system, taxpayers will not require prior approval from a commissioner to amend their returns. In addition, those choosing the algorithmic settlement option will be exempt from separate penalties and surcharges, according to the FBR.
