28/09/2018
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PTBA wants date extension for filing annual return, wealth statement up to November 16
By Anjum - September 28, 2018015
KARACHI: Pakistan Tax Bar Association (PTBA) has asked the Federal Board of Revenue (FBR) to extend the last date for filing income tax returns and wealth statement up to November 16, 2018 as taxpayers have not been given sufficient time to fulfill their liabilities.
In a letter sent to FBR Chairman Dr. Jahanzeb Khan on Friday, the PTBA said that although the date had already been extended by the FBR from August 31 to September 30 for salaried persons and taxpayers falling under Final Tax Regime (FTR), yet the time was not sufficient to meet the deadline.
The tax bar said that various amendments and fundamental changes had been made from time to time and even after introduction of Income Tax Return and Wealth Statement Form 2018 that were finalized on August 17, 2018.
It further pointed out that corporate tax return for the tax year 2018 was still awaited, which was due to be filed on September 30 in case of special accounting year.
Further holidays of Muharram and Ashura also considerably affected the pace of work on preparation of tax returns. “It is matter of deep concern for the taxpayers of the country that the prescribed time available under the Income Tax Ordinance, 2001 to prepare and file tax return, statement of final tax and wealth statement has not been provided to them; as such it is not only impossible for them to complete the task, but is also not legal and justified at all a per the provisions of the ordinance quoted supra,” the tax bar said.
Therefore, the tax bar urged the authorities to extend the last date for filing income tax returns and wealth statement to November 16 from September 30.
TAGSdate extensionIncome tax returnPakistan Tax Bar AssociatinPTBA
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