ISLAMABAD - Federal Board of Revenue (FBR) has said that there would be no further extension in filing of income tax returns beyond due date of November 30,2016.
In a statement issued here by the FBR said that Finance Minister Senator Ishaq Dar on November 15, 2016, extended the due date for filing of income tax returns/statements by salaried persons, individual, AOP, and companies till November 30, 2016. The FBR statement said that the minister extended the date in view of the spirit of taxpayers' facilitation.
The statement said that the FBR wants to inform the taxpayers that the portal for filing electronic returns is working smoothly as is obvious from the fact that by 15th November, 2016, more than 467,778 returns have been filed electronically. Whereas, the number of returns filed electronically by 15 November, 2015, was 341,810.
This represents an increase of 37 percent in the number of returns received electronically.
In view of the position explained above, FBR wants to inform the taxpayers and the tax advisers that no further extension beyond 30th November, 2016, will be granted in the date for filing of tax returns/statements and they may file their income tax returns at the earliest to avoid the consequences of late/non-filing of returns which include charging of higher rates of withholding taxes, imposition of penalty and compulsory selection for audit under the relevant provisions of the Income Tax Ordinance.