Islamabad: The FBR has received requests from various professional organizations, such as tax bar associations, chartered accountant firms, tax advisers, and tax specialists, asking for an extension to the deadline for submitting income tax returns.
Several professional organizations, including tax bar associations, chartered accountant firms, tax advisers, and tax specialists, have formally requested an extension to the deadline for filing income tax returns. Specifically, they have requested an extension until October 31 due to technical and legal issues during the current filing process.
Taxpayers have faced multiple technical issues while submitting their income tax returns and wealth statements. One of the major problems highlighted by the Karachi Tax Bar Association is the flaw in the IRIS system, which prevents taxpayers from responding to IRO notices about appeal order modifications by the Inland Revenue Appeals (CIR-A). This limitation in the IRIS 2.0 system has caused a great deal of inconvenience to taxpayers.
In addition, taxpayers have been experiencing unprecedented difficulties due to the sudden disappearance of data from the previous year’s wealth statements in the current year’s statements. As per Section 118 of the law, individuals, Associations of Persons, and businesses with specific fiscal years must file returns for tax year 2023 by September 30, 2023. However, since September 30, 2023, falls on a public holiday, which is a Saturday, the due date has been extended to Monday, October 2, 2023, by the General Clauses Act.
To avoid default surcharges, penalties, and notices, taxpayers are advised to submit their Income Tax Returns by the original deadline of September 30, 2023, despite receiving SMS messages from the FBR indicating no extensions.
For the latest Real Estate News and Blogs, visit Realtorspk blogs.