The Federal Board of Revenue announced a proposal on Tuesday requiring companies to submit their financial statements alongside income tax returns in an electronically readable format via the IRIS portal, effective from tax year 2026.
Published via SRO 1912(I)/2026, the measure adds a new sub-rule (2F) to Rule 73 of the Income Tax Rules, 2002. This mandates that corporate financial statements accompanying tax returns go through IRIS in the format specified under clause (19DA) of Section 2.
Submissions must match the data scheme, taxonomy, file structure, field mapping, validation rules, and technical specifications provided by the FBR through IRIS or its web portal. The FBR holds the authority to establish different schemes or specifications for various classes of companies depending on their applicable financial reporting framework.
Furthermore, the draft updates sub-rule (3) of Rule 73. This revision requires that returns, statements, financial statements, certificates, applications, and other paperwork submitted via IRIS receive verification from the relevant individual or an authorized e-intermediary.
Authentication must use a digital signature or another secure electronic method tied to the registered credentials of the person, as directed by the FBR.
Once transmission and validation succeed, IRIS will generate an electronic acknowledgement featuring a unique reference number. This document acts as proof of electronic filing under the Income Tax Ordinance, 2001, and associated rules.
Authorities put forward these amendments under Section 237(1) combined with Section 114(2A) of the Income Tax Ordinance, 2001.
The FBR welcomed feedback, objections, and suggestions from impacted individuals within seven days following the notification in the official Gazette. The agency will review all feedback gathered during this window before completing the changes.
