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No More Extension in Filing Tax Return 2023 in Pakistan
TAXATION

No More Extension in Filing Tax Return 2023 in Pakistan

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No More Extension in Filing Tax Return 2023 in Pakistan

No More Extension in Filing Tax Return 2023 in Pakistan. Federal Board of Revenue (FBR) has informed to the general public through tweet on his official X account (formally twitter) that there is no more extension in filing annual income tax returns in Pakistan for tax year 2023.

Now, if anyone wants to file his/her tax return then he/she needs to submit extension application to the commissioners income tax of FBR.

You can also submit extension application on Iris portal of FBR for tax year 2023 tax return.

Last date to file tax return was 30th September 2023 for salaried, individual, Partnership businesses and it was extended up to 31st October 2023.

Decision has been taken by FBR after achieving targets of tax filing as compare to previous year in the same period.

FBR said in a press release, “Total returns filed up to 31st Oct,2023 for tax year 2023 were 2.9 Million approximately as against 2.57 Million filed during the similar period of previous year showing an increase of 330,000.”

See also  Tax Exemption of Foreign Source Income of Returning Expatriates

FBR also informed that revenue targets set by tax authority have been successfully achieved.

FBR said:

  • The Federal Board of Revenue (FBR) has achieved its revenue collection target for the fourth consecutive month with 43% domestic and 37% overall growth.
  • During the period July to October 2023, FBR has collected Rs. 2,748 billion (2022: 2,159 billion) against the assigned target of Rs. 2,682 billion, thereby exceeding it by Rs. 66 billion.
  • FBR has put in tremendous efforts to achieve revenue target for the month of October, 2023. As against Rs. 516 billion collected in the month of October 2022, FBR collected 707 billion during the month of October 2023, according to the statement issued by the FBR.
  • At the same time, FBR also issued refunds amounting to Rs. 158 billion during the first four months as against Rs. 113 billion refunded in the corresponding period of the previous year.

Federal Board of Revenue (FBR) also appreciated to their tax officers for their work with full of dedication.

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