FBR is likely to Extend Last Date for Filing Annual Tax Returns

FBR is likely to Extend Last Date for Filing Annual Tax Returns. The Federal Board of Revenue (FBR) to facilitate the business community will likely extend the last date of filing annual income tax returns, Geo News reported on Friday. 

The FBR had already extended the last date for tax filing to October 31. 

According to media news Chief commissioner of Inland Revenue Lahore, Nasir Iqbal said during a meeting at the Lahore Chamber of Commerce and Industry that, the FBR revenue has increased many times in the last 10 years. Like from Rs1,000 billion in 2008 to Rs3,800 billion in 2015, and is expected to grow to Rs7,450 billion in the tax year 2023. 

Nasir Iqbal also said that the FBR had developed a policy to lessen its physical interaction with the taxpayer, and it’s also include assisting the tax filers and taxing the income of non-filers.

He also said that only in regional tax offices (RTO) in Lahore, around 80,000 new filers are being added every year.

Lahore Chamber of Commerce and Industry President Kashif Anwar informed the FBR official about their problems. He urged accountability in FBR tax officials who involved in the wrong implementation of tax laws.

LAHORE TAX BAR ASSOCIATION DEMANDS EXTENSION IN LAST DATE OF TAX RETURN FILING

Different tax bar associations have also communicated to FBR to extend the last date in filing tax return for tax year 2022. Lahore Tax Bar Association in this regard has written a letter to Federal Board of Revenue, and highlighted critical issues relating to to tax calculation in tax filing. Some of the issues highlighted by Lahore Tax Bar:

• Adjustment of Income Tax Refund for Previous years
• Incorrect calculation of tax depreciation
• Attribution of Minimum Tax U/S 153(1)(c)
• Adjustment of Loss of Business against Property Income
• Capital Asset Tab U/S 7E Recently Added in Tax Return

In view of the above circumstances Lahore Tax Bar Association requested further extension in filing tax return for tax year 2022 for up to 31st December 2022.

PAKISTAN TAX BAR ASSOCIATION DEMANDS EXTENSION IN LAST DATE OF TAX RETURN FILING

Pakistan Tax Bar Association (PTBA) has also demanded the tax authorities of providing clear 90 days for return filing from the date when the portal is error free.

In a letter sent to Asim Ahmad, chairman, Federal Board of Revenue (FBR) on Friday, the PTBA requested that the taxpayers be provided the statutory period of clear 90 days for submission of their income tax returns from the day, the return is complete and portal is error free.