Taxpayers must meet prescribed deadlines and filing requirements for income tax returns, wealth statements and foreign assets declarations.
ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the procedures and deadlines for furnishing income tax returns, wealth statements and foreign income and assets statements for Tax Year 2027.
According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the requirements apply to Tax Year 2027, covering the period from July 1, 2026, to June 30, 2027.
Under Section 118 of the ordinance, taxpayers are required to furnish income tax returns under Section 114, wealth statements under Section 116 and, where applicable, foreign income and assets statements under Section 116A in the prescribed manner.
Filing deadlines for companies
For companies, the deadline for filing income tax returns depends on the applicable tax year.
Companies whose tax year ends between January 1 and June 30 must furnish their returns by December 31 following the end of the relevant tax year.
In other cases, companies are required to file their returns by September 30 following the end of the tax year.
Electronic filing requirements
The law requires individuals with salary income of Rs500,000 or more to file their income tax returns electronically in the prescribed form.
Such returns must be accompanied by proof of tax deduction or payment, along with the required wealth statement or foreign income and assets statement, where applicable.
For individuals and other taxpayers required to file electronically, the return is generally due by September 30 following the end of the tax year.
Wealth and foreign assets statements
Taxpayers required to furnish a wealth statement must submit it by the deadline specified in the relevant notice or, where Section 116 applies, by the due date for filing the income tax return.
Where applicable, taxpayers must also furnish a foreign income and assets statement under Section 116A in the prescribed manner.
Returns demanded through a notice issued under Section 117 must be furnished within the deadline specified in that notice.
Registration requirement
The FBR has also clarified that a return filed by a taxpayer who is not registered on the National Tax Number Register will not be treated as valid unless the prescribed registration application is submitted along with the return.
The requirements are intended to ensure that taxpayers comply with the prescribed procedures for filing income tax returns and related financial disclosures for Tax Year 2027.