KARACHI: The Federal Board of Revenue (FBR) has announced that there will be no further extensions for filing income tax returns for the tax year 2019. Taxpayers have six days left to submit their returns, with the final deadline set for November 30, 2019. According to sources within the FBR, this decision comes after multiple extensions were granted to facilitate compliance.
Initially, the deadline for filing returns was set for September 30, 2019, which was subsequently extended to October 31, 2019. A further extension was granted until November 30, providing ample time for taxpayers to fulfill their obligations. However, the FBR has now made it clear that no further extensions will be provided.
This deadline applies to all taxpayers except corporate entities that follow a financial year from July 1 to June 30. Corporate taxpayers are required to file their returns by December 31. The FBR has urged individuals and businesses to comply with the set deadline to avoid penalties and legal repercussions.
Under Section 114 of the Income Tax Ordinance, 2001, various individuals and companies are required to file their tax returns. These include all registered companies, individuals exceeding the taxable income threshold, non-profit organizations, and welfare institutions. Furthermore, individuals who own property over 500 square yards, vehicles with an engine capacity exceeding 1000cc, or have an annual electricity bill surpassing PKR 500,000 are also required to submit their tax returns.
The FBR has emphasized that failure to file returns within the deadline may result in penalties and potential legal action. The Commissioner of the FBR is authorized to issue notices to non-compliant individuals or businesses, requiring them to submit their returns within a specified period. Additionally, those who fail to comply with the filing requirement could be subject to audits and further scrutiny.
The FBR has implemented electronic filing systems to streamline the submission process. Taxpayers are encouraged to utilize the FBR’s online portal for filing their returns efficiently. The FBR has assured that its helpline and support services remain available to assist taxpayers with any queries or difficulties they may encounter while filing their returns.
In the past, many individuals and businesses have delayed tax compliance due to expectations of extensions. However, the FBR has made it clear that November 30 is the final cutoff. To avoid last-minute hassles and ensure compliance with tax regulations, the FBR advises taxpayers to complete their filings well in advance.
As the deadline approaches, the FBR continues to remind taxpayers about their obligations and the potential consequences of non-compliance. With just a few days remaining, individuals and businesses must act swiftly to meet the filing deadline and avoid penalties. The FBR reiterates that it remains committed to improving tax collection and ensuring that all eligible taxpayers fulfill their responsibilities in a timely manner.