FBR enables ‘refund adjustment tab’ in tax return forms – Business & Finance
The Federal Board of Revenue (FBR) on Tuesday enabled a refund adjustment tab in the income tax return forms to ensure smooth filing of returns and improve ease of doing business and decrease the cost of compliance for taxpayers.
‘Past refund adjustment claims are being rejected’: FBR removes a tab from new IT return form under IRIS
In a press release, the FBR said it had received a number of representations from various tax bars, businesses, and other stakeholders on the issue of the non-availability of the refund adjustment tab in the return forms available in IRIS, an online portal of FBR for return filing, after which the adjustment tab was enabled.
“This facility will allow taxpayers to adjust their pending refund claims against admitted liability of TY 2022 at the time of filing tax returns who had filed applications to claim their outstanding refunds of previous years,” the press release added.
It added that the refund applications filed up to 27.09.2022 are eligible for adjustment of refunds. “This facility is available to all taxpayers who have not claimed excess adjustment against previous years’ refunds.”
Earlier, the FBR had removed refund adjustment tab from Tax Year 2022 under the IRIS, denying taxpayers to adjust their tax liabilities against past years’ refunds.
The issue forced the Federal Tax Ombudsman’s office to conduct its own motion investigation against the FBR as to why the tab has been removed from the return through the IRIS system.