This article addresses recent developments regarding balance sheets and tax return filing. Here's a breakdown of the key points:
Balance Sheet Approval and Return Filing:
- Commissioner Approval: The requirement for commissioner approval of submitted balance sheets might not be automatic. Some cases may require manual review. Request manual approval from your assigned commissioner via attachment tab and writing a personalized message.
- Revised Deadline: While the previous 30-day deadline for balance sheet submission seems to be removed, an official revised deadline hasn't yet been announced.
Recommendations for Taxpayers:
- Check IRIS Data: Regularly verify your Integrated Revenue Information System (IRIS) data to confirm if your submitted balance sheet has received approval.
- Proceed with Tax Returns: If your balance sheet is approved, proceed with filing your tax return.
For Taxpayers Who Haven't Filed Balance Sheets:
- Submit Balance Sheet: If you haven't yet submitted your balance sheet, prioritize doing so urgently.
- Commissioner Approval: Once submitted, seek commissioner approval for your balance sheet.
Potential Deadline Extension:
- Unconfirmed Information: There are discussions about a possible extension for the tax return filing deadline. However, no official confirmation has been received.
- Revised Deadline Clarity: Awaiting an official announcement regarding a revised deadline for balance sheet submission (if applicable).
- System Issues: Some taxpayers report technical issues within the system, affecting balance sheet submission options.
- Stay Informed: Closely monitor FBR updates for official announcements regarding deadlines and procedures.
This is a developing situation. Following the recommendations above can help ensure you're prepared for tax return filing. Staying informed and potentially consulting a tax advisor can further streamline the process.
