KTBA asks FBR to extend due date for filing income tax returns | CustomNews.pk

KTBA asks FBR to extend due date for filing income tax returns

KARACHI: The Karachi Tax Bar Association (KTBA) has asked the Federal Board of Revenue (FBR) to extend the due date of filing of Income Tax Returns – Tax Year 2019.

In a letter to Chairman FBR Syed Muhammad Shabbar Zaidi, KTBA reiterated that against the legal and permissible time period for filing the return of income of ninety (90) days under section 118 of the Ordinance, only 58 days have been allowed between September 2nd and October 31, 2019, which implies that 32 more days should be allowed further for the purpose.

“At the same time, it is equally critical to decide the fate of the filers of the Assets Declaration Scheme of 2019 who could not submit their declarations due to untimely closure of the option on IRIS. Consequently, they also could not revise their wealth statements for the Tax Year 2018, which you would appreciate is a necessary component for filing the return of income for the Tax Year 2019”.

KTBA noted that if taxpayers are not allowed to submit their declarations, which they have not been so far, in the last four months, their right to timely file their returns of income for the Tax Year 2019 is systematically been jeopardized as well.

“It would not be out of context to refer to the ongoing resistance from shopkeepers and trader of the country who still have to be given, inter alia, a final format of Return for their tax filing, which the FBR introduced vide its notification under Sections 99B and 9C of the Ordinance and committed that the same would be applicable right from the very Tax Year of 2019”.

The letter noted that KTBA is very much cognizant of the FBR’s campaign to increase the number of tax filers and compliant taxpayers in the country to proportionately increase the much needed Tax revenue for which we would like to render our due role as an association.

“Taking stock of whole of the ongoing situation, however, it can conveniently be drawn that unless and until the concerns are addressed, not less than two third of the population of the tax payers of the country will turn to Non-Filers or to say “not appearing on the ATL”, which merely would further add to their woes”.

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