Tax return form not finalized so far as less than a month for deadline

ISLAMABAD: Federal Board of Revenue (FBR) has yet to finalize income tax return form for tax year 2020 as less than one month is remaining for return filing due date.

The due date for filing income tax returns is September 30, 2020 for tax year 2020. By this date salaried persons, Association of Persons (AOPs) and companies falling under special financial year are required to file their annual income tax returns.

As per interpretation of tax experts the FBR should issue the tax return form on July 01 every year to give taxpayers three-month time to file their returns.

This year, as usual, the FBR has already delayed two months in issuing the final draft of income tax return form. This delay may result in extension in time for filing the annual return.

The FBR on August 19, 2020 issued draft income tax return form for tax year 2020 for taking input from stakeholders to finalize the return form. So far the FBR is failed to finalize the return despite lapse of around half a month.

The FBR invited comments on the draft income tax return form within seven days from the date of issuance of SRO 745(I)/2020.

It is pertinent to mention that the FBR is estimating half a million income tax return during next couple of years. Tax experts said that timely issuance of return form may help the FBR to achieve its desired number of return filers.

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