FBR extends date of filing tax returns/statement till January 31, 2020

KARACHI: The Federal Board of Revenue (FBR) has notified extension in the date of filing income tax returns and statements for Tax Year 2019 till January 31, 2020.

The date of filing of Total Income Statements of final taxation for Individuals and Associations of Persons for the Tax Year 2019 which were due on September 30, 2019 and extended upto December 31, 2019 is hereby further extended up to January 31, 2020.

The date of filing of total Income/Statements of final taxation for Companies for the Tax Year 2019 which were due on September 30, 2019 and extended upto December 31, 2019 in respect of those companies who have paid 95 percent of the admitted tax liability on or before September 30 2019, is hereby further extended upto January 31, 2020.

The received income tax returns are still below the expected numbers. As per Pakistan Tax Bar Association (PTBA) around 1.8 million tax returns were filed by December 13, 2019.

The actual number of persons required to file the income tax returns is very large. Under the Income Tax Ordinance, 2001, every person who obtains National Tax Number (NTN) is required to file annual return. According to estimates around 4.7 million NTN had been issued by the FBR.

Further, every taxable income or persons own certain properties or assets defined under the Ordinance are required to file their annual returns.

In order to facilitate the taxpayers in filing their returns the law accepts CNIC as NTN.

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