The Federal Board of Revenue (FBR) has released an easy to understand return form for traders for the tax year 2024.
Electronic return form was provided for tax year 2024 and beyond for traders who did not file for tax year 2023.
Naeem Mir, the chief coordinator of the Tajir Dost Scheme, said on Wednesday that traders may become filers by completing this straightforward return form.
Section 236G would lower tax to 0.1 percent, and section 236H would cut tax to 0.5 percent, when the filer becomes a member.
There would be adjustments for both this tax and the monthly advance tax.
In order for the refund money to be automatically paid, the trader must include the bank account number on their return form.
He said, “The straightforward return form would automatically calculate traders’ tax liability based on their declared income.”
