September 28, 2022 (MLN): After receiving numerous requests from various tax bars, businesses and other stakeholders, the Federal Board of Revenue (FBR) enabled refund adjustment tab in the return forms, a press released showed on Wednesday.
“In order to ensure smooth filing of returns and to improve ease of doing business and decrease cost of compliance of taxpayers, the FBR has enabled refund adjustment tab in the return forms,” the press release said.
This facility will enable taxpayers to adjust their pending refund claims against admitted liability of TY22 at the time of filing of tax returns who had filed applications to claim their outstanding refunds of previous years.
The apex trade body said that the decision was taken after representatives from various tax bars, businesses and other stakeholders across the country raised the issue of non-availability of refund adjustment tab in the return forms available in the Iris – FBR’s online portal for return filing.
In this regard, the FBR informed that refunds applications filed up to September 27, 2022 are eligible for adjustment of refunds.
The facility is available to all taxpayers who have not claimed excess adjustment against previous years’ refunds.