FBR extends deadline for filling tax returns - Zameen News

FBR extends deadline for filling tax returns

August 5, 2019 • news

Islamabad: The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for the (fiscal year) FY2018-19, a news source reported. On Friday, the taxation authority fixed the new deadline for August 9, in its bid to facilitate individuals who have yet to submit their tax returns.

Read: FBR to introduce single tax returns reform

As per the amendments recently made to the Income Tax Ordinance 2001, tax filing for each year now needs to be completed by the end of September.

Previously, several repeated deadline extensions were issued by the FBR till December 2018, when the board provided a retrospective extension from December 17 to March 31. This last deadline, however, was stretched again with the announcement of the government's assets declaration scheme; in an attempt to facilitate individuals who wanted to avail it to file their returns without incurring late submission penalties. Following the enactment of the Benami Law, an extension has now been provisioned again.

Read: FBR, provinces to launch new portal for filing income tax returns

Moreover, the FBR has revealed that a record 2.2 million people have already filed their tax returns for Tax Year 2018; with the window for filing tax returns for 2019 set to open from next month onward. For the coming tax year, the board has set a filing target of 4 million tax payers.