Schedule for filing annual returns

Schedule for filing annual returns

KARACHI: The due date for filing annual income tax return has become important Since Federal Board of Revenue (FBR) imposed restriction of denying late filers into Active Taxpayers List (ATL).

The FBR under Section 182 of Income Tax Ordinance, 2001 explained that late filers for tax year 2018 onwards will not be entitled to get their names into ATL, which is an important document for availing reduced tax rates and other tax benefits.

Section 118 of Income Tax Ordinance, 2001 provided the due dates for filing income tax returns for salary persons, business individuals, Association of Persons (AOPs), persons in final tax regime and companies having fiscal year, calendar year or special year.

Section 118: Method of furnishing returns and other documents

Sub-Section (1): A return of income under section 114, a statement required under sub-section (4) of section 115, a wealth statement under section 116 or a foreign income and assets statement under 116A, if applicable shall be furnished in the prescribed manner.

Sub-Section (2): A return of income under section 114 or a statement under sub-section (4) of section 115 of a company shall be furnished —

(a) in the case of a company with a tax year ending any time between the first day of January and the thirtieth day of June, on or before the thirty-first day of December next following the end of the tax year to which the return relates; or

(b) in any other case, on or before the thirtieth day of September next following the end of the tax year to which the return relates.

Sub-Section (2A): Where salary income for the tax year is five hundred thousand rupees or more, the taxpayer shall file return of income electronically in the prescribed form and it shall be accompanied by the proof of deduction or payment of tax and wealth statement as required under section 116 or a foreign income and assets statement under 116A, if applicable”:

“Provided that the Board may amend the condition specified in this sub-section or direct that the said condition shall not apply for a tax year.”;

Sub-Section (3): A return of income for any person (other than a company), or a statement required under sub-section (4) of section 115 shall be furnished as per the following schedule, namely:—

(a) in the case of a statement required under sub-section (4) of section 115 or a return required to be filed through e-portal in the case of a salaried individual, on or before the 31st day of August next following the end of the tax year to which the statement or return relates; or

(b) in the case of a return of income for any person (other than a company), as described under clause (a), on or before the 30th day of September next following the end of the tax year to which the return relates.

Sub-Section (4): A wealth statement shall be furnished by the due date specified in the notice requiring the person to furnish such statement or, where the person is required to furnish the wealth statement for a tax year under sub-section (2) of section 116, by the due date for furnishing the return of income for that year.

Sub-Section (5): A return required to be furnished by a notice issued under section 117 shall be furnished by the due date specified in the notice.

Sub-Section (6): Where a taxpayer is not borne on the National Tax Number Register and fails to file an application in the prescribed form and manner with the taxpayer’s return of income, such return shall not be treated as a return furnished under this section.

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