PTBA seeks extention in time for filing returns u/s 214E for disposal of audit cases

KARACHI: Pakistan Tax Bar Association (PTBA) has approached Federal Board of Revenue (FBR) seeking extention in of time for filing of returns under section 214E for disposal/closure of cases automatically selected under section 2140 of the Income Tax Ordinance, 2001 till March 31, 2019.

In a letter to Chairman FBR Jehanzeb Khan, President Pakistan Tax Bar Association (PTBA) Abdul Qadir Memon appreciated expeditious disposal of huge number of cases automatically selected under the Repealed Section 214D of the Income Tax Ordinance, 2001 by introducing amendment through insertion of new section 214E in the Finance Supplementary (Amendment) Act, 2018 and extending date for filing of returns up to January 31, 2019.

PTBA also appreciate the government’s decision to waive the penalty for such persons who have filed return of income under section 114 of the Ordinance declaring only income under the head “Salary” with or without profit on debt and/or dividend income. [the_ad id=”31605″] Pakistan Tax Bar Association (PTBA) along with FBR’s “Taxpayers Audit Wing” and member bars organized five awareness sessions for introduction of Section 214E at Karachi, Lahore, Faisalabad, Multan and Bahawalpur.

In these seminars large number of business leaders of mercantile associations and tax practitioners participated, who showed keen interest to get disposal of their cases under the above scheme introduced through Section 214E in the Supplementary Act, 2018.

“Disposal/closure of audit of more than 1.0 million cases is a humongous task for all the stakeholders viz. taxpayers, department and tax consultants. The members of PTBA are making every effort to make the above scheme a great success,” Memon wrote.

Almost 400,000 audits have been closed and reasonable amount of revenue has also been collected on this account by the FBR.

“We are receiving information from tax practitioners across the country that their large number of clients would like to avail the above scheme. We anticipate that besides disposal of large number of cases, some reasonable amount of additional revenue would also be generated. We therefore, request to extend the date for filling of return and payment of tax under Section 214E of the Ordinance up to March 31, 2019.” PTBA president noted.

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