With the end of the last month of the year 2020, you have only few days left to file annual income tax return (ITR) of Companies‘ for the tax year 2020. For filing an ITR for financial year 2019-20 — or assessment year 2020-21 — the last date to do so without bearing a penalty is December 31.
Section 118 of the Income Tax Ordinance 2001 deals with the due date for filing annual income tax returns. A return of income under section 114 of a company shall be submitted (a) in the case of a company with a tax year ending any time between the first day of January and the thirtieth day of June, on or before the thirty-first day of December next following the end of the tax year to which the return relates; or (b) in any other case, on or before the thirtieth day of September next following the end of the tax year to which the return relates.
Delays may cause in filing tax returns of companies which is due at the 31st December 2020. Preparation of financial statements / accounts and to get them audit from audit firms and other related activities before submission of tax returns require a reasonable time. Reasons associated with the corona-virus pandemic may require to extend the last date for submission of tax return.
LATEST POSTS
- Withholding Tax on Cash Withdrawal in Pakistan 2024 for FilerTax on cash withdrawals from bank
- 25000 Premium Prize Bond Draw List 11 March 202425000 Premium Prize Bond Draw List 11 March 2024 25000 Premium Prize Bond Draw List 11 March 2024. Prize bonds is a type…
- 40000 Premium Prize Bond Draw Result Today | 11 March 202440000 Premium Prize Bond Draw Result Today | 11 March 2024 40000 Premium Prize Bond Draw Result Today | 11 March 2024….
- When Zakat Deducted by Bank in PakistanWhen Zakat Deducted by Bank in Pakistan When Zakat Deducted by Bank in Pakistan. Zakat is one of the Islamic financial term….
- What is the Solution for Becoming Active Tax Filer 2024What is the Solution for Becoming Active Tax Filer 2024 What is the Solution for Becoming Active Tax Filer 2024. All tax…
- FBR Going to Issue New Active Taxpayers List TomorrowFBR Going to Issue New Active Taxpayers List Tomorrow FBR Going to Issue New Active Taxpayers List Tomorrow. The Federal Board of…
PREVIOUS POSTS
- March 2024 (5)
- February 2024 (2)
- January 2024 (1)
- December 2023 (6)
- November 2023 (4)
- October 2023 (11)
- September 2023 (12)
- August 2023 (16)
- July 2023 (21)
- June 2023 (40)
- May 2023 (33)
- April 2023 (17)
- March 2023 (26)
- February 2023 (55)
- January 2023 (49)
- December 2022 (24)
- November 2022 (29)
- October 2022 (21)
- September 2022 (31)
- August 2022 (33)
- July 2022 (43)
- June 2022 (38)
- May 2022 (34)
- April 2022 (23)
- March 2022 (23)
- February 2022 (26)
- January 2022 (49)
- December 2021 (38)
- November 2021 (57)
- October 2021 (48)
- September 2021 (44)
- August 2021 (55)
- July 2021 (33)
- June 2021 (46)
- May 2021 (24)
- April 2021 (25)
- March 2021 (40)
- February 2021 (30)
- January 2021 (49)
- December 2020 (36)
- November 2020 (40)
- October 2020 (16)
- September 2020 (14)
- August 2020 (11)
- July 2020 (9)