KARACHI — The Federal Board of Revenue (FBR) has issued the schedule for filing the annual income tax return, emphasizing the significance of adhering to the specified deadlines.
The due date for filing the annual income tax return has gained added importance due to the FBR’s recent decision to restrict late filers from entering the Active Taxpayers List (ATL).
In accordance with Section 182 of the Income Tax Ordinance, 2001, the FBR clarified that individuals filing their tax returns after the due date for the tax year 2018 onwards will not be eligible for inclusion in the ATL. The ATL is a crucial document for availing reduced tax rates and other associated tax benefits.
Section 118 of the Income Tax Ordinance, 2001 outlines the due dates for filing income tax returns for various categories, including salary persons, business individuals, Association of Persons (AOPs), individuals in the final tax regime, and companies with fiscal year, calendar year, or special year structures.
Key Provisions of Section 118:
1. Method of Furnishing Returns and Other Documents:
• Returns of income, statements under section 115, wealth statements under section 116, or foreign income and assets statements under 116A (if applicable) shall be furnished in the prescribed manner.
2. Filing Schedule for Companies:
• Companies with a tax year ending between January 1 and June 30 must file their returns by December 31 of the same year.
• Companies with tax years ending at other times must file by September 30 of the following year.
3. Electronic Filing for High Salary Income:
• Individuals with salary income of five hundred thousand rupees or more must file returns electronically, accompanied by proof of tax deduction or payment and wealth statement or foreign income and assets statement (if applicable).
4. Filing Schedule for Individuals and AOPs:
• Statements or returns for individuals (other than companies) or AOPs required to be filed through the e-portal must be submitted by August 31.
• Returns for individuals or AOPs not using the e-portal must be filed by September 30.
5. Wealth Statement Filing Deadline:
• Wealth statements must be filed by the due date specified in the notice requiring the statement or, if required under sub-section (2) of section 116, by the due date for the income tax return for that year.
6. Notice-Issued Return Deadline:
• Returns required by a notice issued under section 117 must be filed by the due date specified in the notice.
7. National Tax Number Register Requirement:
• Failure to file an application in the prescribed form and manner with the taxpayer’s return of income will result in the return not being treated as filed.
The FBR’s announcement underscores the importance of timely submission of income tax returns to ensure eligibility for inclusion in the ATL and to comply with the legal requirements outlined in the Income Tax Ordinance, 2001. The adherence to these deadlines contributes to the efficiency of the taxation system and facilitates accurate revenue collection for the government. Taxpayers are urged to familiarize themselves with the specified timelines and submit their returns accordingly to avoid any adverse consequences.
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