As part of the ongoing tax reforms, the National Board of Revenue (NBR) has taken a significant step by releasing the much-awaited tax return form for the assessment year 2023 – 2024, “IT-GA (2023)”. This new form aligns with the recently implemented Income Tax Act-2023 (ITA-2023) and aims to simplify the tax filing process for individual taxpayers. In this blog post, we at Tuhin & Partners will provide essential insights into the new tax return form, its key features, and how to download it for seamless compliance.
Understanding IT-GA (2023) – Key Features:
The IT-GA (2023) tax return form is designed to align with the provisions of the ITA-2023, superseding the previous Income Tax Ordinance-1984. This updated form incorporates several key changes that taxpayers need to be aware of:
- Revised Computation Rules: The form introduces revised computation rules for calculating taxable income, deductions, and tax liability, reflecting the amendments brought by ITA-2023.
- Enhanced Clarity: IT-GA (2023) aims to offer enhanced clarity and user-friendliness, making it easier for taxpayers to understand and complete the filing process accurately.
- Incorporation of Fiscal Measures: The new form considers the various fiscal measures introduced under ITA-2023, ensuring taxpayers comply with the latest regulations.
- Streamlined Data Fields: IT-GA (2023) streamlines data fields, making them more efficient and reducing the likelihood of errors during the filing process.
Downloading IT-GA (2023):
To help you stay compliant and informed, we have made the “IT-GA (2023)” tax return form available on our website. To download the form, scroll down and click the download button.
Essential Points to Note:
- Deadline for Filing: The deadline for filing tax returns using the IT-GA (2023) form is November 30, 2023. Ensure you submit your returns within the stipulated timeframe to avoid penalties and non-compliance issues.
- Validity of Previous Forms: With the release of IT-GA (2023), the validity of any previous tax return forms expires. The NBR will no longer accept returns filed using outdated forms.
- Consultation and Expert Advice: While the new form aims to simplify the filing process, tax matters can still be complex. If you have any doubts or concerns, our team of experienced tax experts at Tuhin & Partners is here to assist you. Feel free to reach out for personalized guidance.
Conclusion:
The release of the “IT-GA (2023)” tax return form by the National Board of Revenue marks a significant milestone in the tax landscape. By staying informed and utilizing the updated form, taxpayers can ensure seamless compliance with the latest tax regulations. Remember, the deadline for filing returns is November 30, 2023. Should you require any assistance or have questions, our dedicated team of tax experts is ready to help. Let’s embrace these reforms and navigate the tax landscape with confidence!
