Last Date to File Tax Return Extended by FBR

Last Date to File Tax Return Extended by FBR

As per the latest update, FBR has decided to extend the last date of filing Income Tax returns till October 15, 2021.

This is a great relief for all those individuals who were not been able to file their tax return for the year 2021 due to the unavailability of required data and the earlier last due date was set as 30 Sep 2021.

The Federal Board of Revenue is expecting this extension in due take will attract more Taxpayers to file their returns resulting in getting close to set a target of FBR goals for the FY-2021.

At the 11th hour, FBR issued a notification to extend the last date to file tax returns.

Earlier to this Karachi Tax Bar Association requested through a formal letter to PM to extend date of tax returns filing as the system of FBR was overburdened and the citizens were facing difficulty to file their tax returns.

Find more detain on FBR Website

Now all those citizens who wish to become filers by filing their tax returns have more 15 days to become filers.

For all salaried individuals, the annual income threshold to file tax returns is Rs.600,000.

For business individuals annual income to file tax returns in minimum Rs.400,000.

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But all those who have less income than these prescribed limits can file their tax returns and become the part of active taxpayer list.

FBR announced a penalty for salaried and business persons.

If a salaried person fails to file tax returns in time then a minimum of Rs.10,000 will be fined.

If a business person fails to file tax returns then the fine for them is increased from Rs.40,000 to Rs.50,000.

In Pakistan, people are less inclined to pay their taxes hence FBR is trying to persuade a culture to pay taxes.

FBR is making efforts to increase the tax net so during the current year many celebrities were engaged to propagate the importance of paying taaxes.

 

 

 

 

 

 

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