The Federal Board of Revenue (FBR) has developed an easy-to-use online system that allows taxpayers to apply for tax exemption certificates or pay taxes associated with the sale of real estate. This program, which is covered under Section 7E of the Income Tax Ordinance, 2001, attempts to make the taxing procedure for people more efficient and straightforward.
Which new online system is it?
The FBR formally unveiled this new internet platform, called “IRIS,” on September 1, 2023. It enables taxpayers to manage section 7E-related transactions without having to go in person to the Commissioners’ Inland Revenue office. The procedure of paying taxes and getting exemptions is made simpler and more effective by this digital platform.
Why is this crucial?
The launch of the online system is a critical step in ensuring that people have easier access to and less difficulty with tax-related processes. Here is why it’s important:
All people have access to the internet platform, which makes it simpler for everyone to apply for exemptions or pay taxes.
Special Challan: To ensure that the tax procedure is simple for everyone, a special payment challan has been made for non-filers.
How does it work?
The “IRIS” system is easy to use:
- Check out the FBR webpage.
- To complete section 7E transactions, use the online system.
- To pay the 1% tax on immovable assets or submit an application for a tax exemption certificate, follow the step-by-step procedures.
- Online completion of the procedure will replace the necessity for in-person appointments.
An encouraging step that supports the government’s efforts to modernize and streamline the taxation procedure is the opening of the online facility for tax exemption certificates and property-related levies. The advantages of a user-friendly digital platform are now available to taxpayers, making it simpler and more comfortable for them to comply with their tax duties. The FBR’s action demonstrates its dedication to enhancing people’s overall tax experiences.