FBR Extends Last Date to File Income Tax Returns to 31st October 2023
FBR Extends Last Date to File Income Tax Returns to 31st October 2023. The Federal Board of Revenue (FBR) has announced an extension in the last date for filing income tax returns. Taxpayers now have until 31st October 2023 to submit their returns for the current tax year.
Previously, last date to file tax returns for salaried taxpayers, individuals, Partnership business and AOPs was 30th September 2023. This decision comes as a relief to individuals and businesses who may have faced challenges in meeting the previous deadline.
It is important for individuals and businesses to take advantage of this extended deadline and ensure timely filing of their income tax returns. Filing tax returns is not only a legal requirement but also a civic duty.
Why tax filing is important for Individuals and Businesses?
For individual taxpayers, filing income tax returns allows them:
- to claim various deductions and exemptions available under the law
- It also helps them establish a tax record,
- It is also beneficial for future financial transactions such as applying for loans or visas
- reduced tax rates are applicable for tax filers
Businesses, need to file income tax returns to report their profits and losses properly. This compliance is important for assessing their tax liability and ensuring compliance with the tax laws.
To facilitate taxpayers in the filing process, the FBR has introduced FBR’s Iris 2.0 online tax filing services. Taxpayers can now file their returns electronically through the FBR’s online portal.
It is important for taxpayers to gather all the necessary documents and information required for filing their income tax returns. This includes:
- details of income,
- expenses,
- assets, and
- liabilities.
- record of tax payments and deductions
By filing their income tax returns on time, individuals and businesses not only fulfill their legal obligations but also contribute to the development of the country.
If you have not yet filed your income tax return for the current tax year, make sure to take advantage of the extended deadline and complete the process before 31st October 2023.
Filing your returns on time will not only save you from any penalties or fines but also contribute to economy.
