Islamabad: The Federal Board of Revenue (FBR) is considering extending the deadline for filing income tax returns for the fiscal year 2022, news sources reported on September 30.
Read: Policy confusion & floods, FBR generates less revenue than estimated
The FBR has set a deadline of September 30 for filing income tax returns. With only one day left in the tax filing deadline, the authorities are concerned about the current month’s income shortfall. The news broke following a meeting of the advisory board at the headquarters of the Federal Tax Ombudsman (FTO). However, the board is yet to make a decision on the case. The final approval is expected later in the day.
Read: Tax on immovable property: FBR to extend deadline amid confusion
According to sources, the decision to seek a deadline extension is motivated by two factors. The complex and complicated new income tax filing form is the first concern, which many chambers of commerce have objected to and have appealed to the ministry for an extension. The second factor is the recent flood and the resulting damage to livelihood. The floods are projected to cut income tax revenue for the year,