KTBA demands time for return filing as per law

KARACHI: The Karachi Tax Bar Association (KTBA) on Monday demanded the Federal Board of Revenue (FBR) to allow extension for filing income tax return for tax year 2020 as per time prescribed under the law.

In a letter send to FBR chairman, Zeeshan Merchant, President, KTBA praised the FBR for issuing return of income for business, salaried individuals, AOPs and companies concurrently via Notification dated September 08, 2020.

Additionally simplified return of income for retailer/traders has also been notified per Notification dated September 17, 2020.

Consequently in line with Section 118(2) and (3) of Income Tax Ordinance 2001 the time prescribed/suggested for filing return in case of a company is 180 days and in other cases is 90 days from the date the relevant amendments have been incorporated in the return of income officially.

Merchant said that the media campaign launched by the FBR pressing people to file their return of income by due date i.e. September 30, 2020.

“The BAR members have however quested the soundness of FBR’s media campaign which otherwise represents September 30, 2020 as last date for filing return of income in tax year 2020,” the KTBA president said, and asked the FBR chairman to allow taxpayers and tax professionals to file return of income in tandem with law.

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