How to File Income Tax Returns Online: Step-by-Step Guide
Effortlessly Navigate the Online Income Tax Filing Process
In a move to alleviate the challenges faced by taxpayers racing to meet the income tax return deadline, the Federal Board of Revenue (FBR) has stepped in with potential relief. While speculation continues about a one-month extension, the official stance from the FBR remains constant – the deadline holds firm until September 30th. As of now, 1.7 million taxpayers have successfully submitted their returns, with the FBR projecting this figure to rise to 2 million by month’s end.
To aid taxpayers grappling with the online filing process, the FBR has hinted at a possible extension, with an official announcement imminent. Tax consultants recommend that individuals and companies seeking additional time can do so by lodging appeals with the relevant commissioners, requesting a 15-day extension.
Here’s a step-by-step guide on how to apply for an extension and file your income tax returns online post-deadline:
Step 1: Access Your Iris Account
Kickstart the process by logging into your Iris account, the dedicated online portal for all tax-related transactions managed by the FBR.
Step 2: Request an Extension
Initiate a request for an extension with the appropriate commissioner. In your application, elucidate the reasons necessitating an extension beyond the deadline. Typically, both individuals and companies can secure a 15-day extension.
Step 3: Commence the Filing Process
Once your extension request is submitted, proceed with the actual filing of your income tax return. Ensure that you complete two pivotal forms: the “Return of Income” form and the “Wealth Statement” form, which furnishes comprehensive information about your assets and liabilities.
Crucial Note: Reconciliation of ‘Wealth Statement’
To ensure a successful submission of your Wealth Statement, it is imperative to confirm that your current year’s wealth aligns with your income exceeding or falling short of your expenses. Failure to reconcile the wealth statement may hinder the submission of your Income Tax Return.
For Salaried Individuals
Salaried individuals can benefit from a streamlined process tailored to their needs when filing their Income Tax Return. They can employ the Declaration Form 114(I), designed specifically for individuals whose income primarily originates from salary and other sources, with salary accounting for more than 50% of their total income.
As the FBR contemplates a possible extension, this guide equips taxpayers with a clear roadmap for successfully filing their income tax returns online. Keep an eye out for official FBR pronouncements regarding the deadline extension, and remember, timely submission of your tax returns is crucial to avoid fines and penalties.