Income above Rs400,000 must file annual return: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Friday said that individuals having income above Rs400,000 must file their income tax return for tax year 2019.

The FBR issued advice as one week remaining for due date the filing income tax return for tax year 2019.

The FBR urged people to file their annual income tax returns for documentation of economy and become active taxpayers.

The revenue body said that salaried persons have been facilitated in return filing through ‘Tax Asaan’ smart phone application.

It further said that the taxpayers have been facilitate in tax payment through ATM, Internet banking, debit card and direct debt from bank account.

The FBR reminded that the last date for filing income tax return for tax year 2019 is January 31, 2019.

The FBR has estimated around 2.77 million income tax returns for tax year 2019 to be filed by January 31, 2020.

The FBR extended the date for filing income tax returns for tax year 2019 up to January 31, 2020 for all type of taxpayers.

The FBR received around 2.17 million income tax returns for tax year 2019 by December 31, 2019.

Syed Shabbar Zaidi, Chairman, FBR in his meeting with Finance Advisor Dr. Abdul Hafeez Shaikh disclosed that the FBR had received 2.17 million income tax returns for tax year 2019. While another 600,000 returns likely to be received by extended date i.e. January 31, 2020.

The actual return filing date for tax year 2019 was September 30, 2019 for taxpayers including salaried persons, business individuals, persons falling in final tax regimes and companies having special tax year.

While, for corporate taxpayers the last date for filing income tax returns was December 31, 2019.

The FBR extended return filing date for other than corporate taxpayers around five times up to January 31, 2020. The FBR also extended the last date for corporate taxpayers up to January 31, 2020.

The FBR is expecting around 3.5 million income tax returns for tax year 2019, which may be filed after due date but with payment of fine and penalties.

Through Tenth Schedule of Income Tax Ordinance, 2001 the benefit of reduced withholding tax rates can only be availed by persons on the Active Taxpayers List (ATL).

Those persons failed to file their income tax returns by due date and file their returns after due date without payment of fine will not be able to find their place on the ATL.

The FBR will issue ATL for tax year 2019 on March 01, 2020.

The number of income tax return has increased to 2.7 million for tax year 2018. The ATL for tax year 2018 will expire on February 29, 2020.

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