FBR Issues Simple Return Form for Traders for Tax Year 2024

The Federal Board of Revenue (FBR) has issued a simple return form for traders’ community for tax year 2024. In this regard, the electronic return form for tax year 2024 and onwards has been issued for traders who were non-filers for tax year 2023. Chief Coordinator of the Tajir Dost Scheme Naeem Mir said on Wednesday that the traders can become filer after filing this simple return form. After becoming filer, tax under sections 236G and 236H would be reduced to 0.1 percent and 0.5 percent respectively. This tax as well as monthly advance tax would be adjustable. The trader would mention bank account number in their return form for automatic payment of refund amount to the traders. The simple return form would automatically calculate tax liability of traders based on their declared income, he added.