Karachi Tax Bar Association (KTBA) has requested Federal Board of Revenue to extend the last date of income tax payment date from September 16 to up to September 25 in view of the Eid-ul-Azha holidays from September 12-14 by the federal government.
A letter dated September 8 written by President KTBA Syed Rehan Hassan Jafri to Chairman FBR, Islamabad says that under Rule 43 of the Income Tax Rules, 2002, tax collected or deducted by a person is required to be deposited into the Government treasury within seven days of each week ending on every Sunday.
Thus, the letter continues under the above mentioned Rules taxes deducted or collected for the period from September 5 to September 10, 2016 are required to be deposited latest by September 16, 2016.
Since federal government has announced September 12-14 Eid-ul-Azha holidays this would mean that there will only two working days available with the taxpayers to collect the withholding tax data, prepare the requisite documents (OSIDs) and deposit the tax so deducted/collected into the government treasury, the KBTA has asked FBR to relax the date as mentioned above in exercise of the powers conferred upon it under section 214A of the Income Tax Ordinance, 2001.[the_ad id=”31605″]