The Federal Board of Revenue (FBR) has simplified the tax filing process for traders by introducing a simplified return form for the tax year 2024. This form is specifically designed for traders who were non-filers in the previous tax year, 2023.
By filing this simple return form, traders can become tax filers and benefit from reduced tax rates. The tax under sections 236G and 236H will be lowered to 0.1 percent and 0.5 percent respectively, and both the tax and monthly advance tax will be adjustable.
To facilitate the process, traders can simply mention their bank account number on the return form, allowing for automatic payment of any refund amounts. The simplified form will automatically calculate the tax liability based on the declared income.
This initiative by FBR aims to make the tax filing process more accessible and efficient for the trader community.