ISLAMABAD: Tomorrow April 30, 2019 is the last day for filing income tax return for Tax Year 2018, which was extended many times since the actual filing date.
Sources in on Monday said that the Federal Board of Revenue (FBR) may further extend the last date for filing income tax returns with the launch of proposed tax amnesty scheme.
Previously the FBR on March 31, 2019 extended the last date for filing income tax returns by month up to April 30 through Circular No. 03/2019.
It was second extension, when the FBR on March 15 extended the date for filing income tax returns up to March 31, 2019.
The salary persons are required to file their annual returns by August 31 and business individuals and companies having special year required to file returns by September 30. Companies having normal tax year (July – June) are required to file annual return by December 31.
For tax year 2018 the FBR previously extended the last date for filing income tax returns up to December 15, 2018 in case of salary individuals, business individuals, FTR taxpayers and companies having special tax year.
Through Finance Act, 2018 a new section 182A was inducted to Income Tax Ordinance, 2001 under which the taxpayers who filed their annual returns after due date were disqualified to appear on Active Taxpayers List (ATL). The ATL is an important document to avail the benefits of reduced rate of withholding taxes. The restriction was also disabled the late return filers to avail advantage in purchasing motor vehicles and immovable properties.
This restriction also reduced the number of return files massively by due date ended in December 2018. The FBR received income tax returns around 1.59 million as per new ATL for tax year 2018 issued on March 01, 2019. The FBR received 1.84 million returns up to February 28, 2019 for tax year 2017.
Stakeholders have demanded the FBR to find out way for including late filers into ATL and increase the number of returns.
Following the extension the date for filing returns on March 15, 2019 the FBR has received over 1.9 million returns for tax year 2018 up to April 15, 2019.