Business

Income tax return filing deadline extended by FBR

Published

2 weeks ago

Farwa

October 14 is the new deadline for filing income tax returns, which was issued by the Federal Board of Revenue (FBR) as a 14-day extension.

Since the previous deadline was about to expire on September 30, the decision was made in a special meeting chaired by FBR Chairman Rashid Mahmood Langrial.

Citizens can now file income tax returns by October 14 after receiving the relevant notification.

The FBR chairman was briefed on tax collection in September during the meeting, in the meanwhile. It was reported that September’s income tax return collection totaled Rs 1106 billion, exceeding the targeted amount of Rs 1098 billion.

As of September 28, almost 2.9 million taxpayers had filed tax returns, according to the FBR sources. “Up until September 28 of last year, 1.4 million tax returns were filed,” the sources continued.

An extension of thirty days was requested by the Federation of Pakistan Chambers of Commerce and Industry to file income tax returns.

The FBR’s faulty system is generating delays due to technological issues, according to Atif Ikram Sheikh, President of the FPCCI, who has stated that filing returns is tough.

According to the President of the FPCCI, the FBR needs to balance its strict policies with attention to improving the tax system.

Because of some restrictions and shortcomings in the FBR’s online system, the tax filing process is still difficult for the average person. He claimed that the system needed to be adjusted for lags and outages.

It is unfortunate that, according to Atif Ikram, just 2.6 million taxpayers have filed tax returns to yet.

The number of new taxpayers introduced to the tax net from July 1st, 2023 is above 8,44,000. “An extension of the deadline for filing returns could result in seven million return filers overall,” the president of FPCCI continued.

Business

Petroleum Product Prices: High-Speed Diesel Has Increased by Rs. 5/L, while Petrol Price Has Not Changed

Published

57 mins ago

Farwa

While the price of petrol has remained the same, the price of high-speed diesel has been raised by five rupees per litre for the next two weeks in order to bring it in line with the prices of oil being sold throughout the world.

According to a statement issued by the government, the new pricing went into effect on October 6th.

Business

Income tax return filing deadline extended once again

Published

1 day ago

Farwa

The due date for submitting income tax returns for the tax year 2023–24 was once again extended until October 31 by the Federal Board of Revenue on Tuesday.

The deadline of October 14 was earlier. The first deadline for filing tax returns was September 30, as stated in the income tax ordinance.

A three-day bank closure in Islamabad and Rawalpindi owing to the SCO summit, along with a request for an extension from business organizations and tax bar associations, are all included in the FBR.

4.537 million income tax returns were filed as of October 14, according to the FBR, an increase of 107.83 percent over the 2.183 million forms filed during the same period last year. The FBR got 6.464 million returns for the most recent tax year. It forecasts 1.927 million more returns to match the level of previous year.

Based on initial statistics, 1.059 million new filers were enrolled throughout the same time in 2024, from July 1, 2023, to October 14, 2024.

Business

FBR begins pursuing tax evaders.

Published

1 day ago

Farwa

The Chief Financial Officer of a well-known battery company has been placed under arrest for his suspected involvement in a sales tax evasion scheme worth over Rs. 1 billion, according to FBR Spokesman Bakhtiar Muhammad.

According to the FBR spokesperson, the Chief Financial Officer of a significant textile company in Faisalabad was also detained for his alleged role in millions of rupees’ worth of sales tax fraud.

According to Bakhtiar Muhammad, the third suspect was detained for allegedly avoiding tax fraud totaling billions of rupees.

He claimed that when the court denied bail, suspects were taken into custody.

Details of Pakistan’s annual tax evasion were previously disclosed by Finance Minister Muhammad Aurangzeb on Thursday.

The minister disclosed that Pakistan’s yearly tax evasion revenue is close to Rs7,000 billion. According to him, efforts are being made to enlarge the tax base and restructure Pakistan’s tax structure.

The minister also declared a “war against tax evaders” in Pakistan and acknowledged that the nation’s salary class bears the brunt of tax burdens.

Additionally, Aurangzeb stated that the goal is to raise the economy’s tax contribution to 13.5 percent.

It should be mentioned that the FBR spokesperson previously stated that the organization is prepared to add over 2.8 million prospective homes to the tax system, which would generate an estimated Rs1.6 trillion in revenue for the country.

“Approximately 3.5 million high-income households are required to pay taxes to the government; however, 2.8 million of them do not pay taxes,” FBR Spokesperson Bakhtiar Muhammad said APP.