Thursday, October 21, 2021

Tutorial: How salaried individuals, freelancers can file tax returns at home

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The Federal Board of Revenue (FBR) has announced October 15 as the last date of filing the tax year 2021 (ending in July) returns, after multiple extensions which have garnered it new filers to the tune of millions.

Since most people have relied on e-filing their tax returns via FBR’s Iris portal, and since the tax authority has warned of serious consequences for people failing to update their accounts, about 150,000 returns were filed on Sep 28 alone, just two days before the earlier deadline (Sep 30).

However, in the last two days, due to the mounting pressure of people flocking to the e-portal, Iris capitulated and gave up and FBR cited “serious technical problems”. Many on social media complained of facing the same.

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FBR said in its last statement that it is better not to wait for the last date of the deadline to arrive before you turn to filing tax returns but instead do it while you still have time.

Increasing pressure on the e-portal can crash it, suggested FBR, and asked people to take benefit from the “generously” granted extensions.

Now that you still have until Oct 15 to file your returns, why not take full advantage of it and file them at home without having to pay a consultant heavily since you only earn a limited and fixed remuneration for your services.

Or if you are a freelancer and your volume is only enough to get your going day to day with little more expense borne.

However, it is advised that if you are indeed stuck or you own an enterprise, no matter at what point you are right now, you should seek expert counsel and this video is not for you.

EXPLAINER: What are tax havens, offshore companies and data leaks?

For salaried individuals, FBR says thair Income Tax Return, Declaration form 114(I) has been provided on the website.

“Salaried person would need to complete the Declaration form 114(I) in order to successfully submit their Income Tax Return,” FBR website says.

It is a relatively easy procedure where you don’t to grind yourself through the legalese and technicalities. This tutorial should help you file your tax returns easily.

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