ISLAMABAD: The Federal Board of Revenue’s (FBR) time limit will end today (Friday) for people to file their income tax returns and wealth statements.
According to details, FBR had extended the deadline in September for filing of annual income tax returns and wealth statements till November 30. But as of now, more extension in deadline will not be approved.
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The sources stated, “The names of the people will be visible straight away in the active tax payer list without any delay who have filed their income tax. Also, filers will not be prohibited from acquiring immovable property no matter whatever its worth is.”
However, as compared to non-filers, filers will have to pay half the withholding tax and non-filers will have to pay 1.5-2 times more withholding tax.
The sources added, “Non-filers will not be permitted to procure property cost over Rs 5 million. Also, non-filers will have to pay more as compared to filers on different payments.”
Earlier, the last date for filing the tax returns for 2016-17 was announces as September 30, 2018 as The Pakistan Tax Bar Association (PTBA), in a letter to the FBR chairperson, had sought an extension in the deadline to file returns for 2018.
The details stated that It is mandatory for the people to file their income tax returns along with wealth statement for the financial year 2017-18, whose annual salary from July 1, 2017 to June 30, 2018 is higher than Rs 400,000.
Furthermore, it is notified by Federal Board of Revenue (FBR), that all the offices of Large Taxpayer Units, Corporate Regional Tax Offices, and Regional Tax Offices would remain open and observer extended working till 10 pm on Friday (November 30) in order to assist the taxpayers in payment of duties and taxes and filing of income tax returns and statements.
Also, in an additional notification, the Chief Commissioners Inland Revenue were directed to institute connection with State Bank of Pakistan and authorized branches of National Bank of Pakistan to guarantee relocation of tax collection by these branches on November 30 to the particular branches of SBP on the same date so as to report for same as the compilation for the month of November 2018.
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