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September 24, 2020

90 days urged for return filing

Business

September 24, 2020

KARACHI: Tax practitioners on Wednesday demanded the Federal Board of Revenue (FBR) to allow 90 days time for filing income tax return as provided under the law.

In a letter sent to FBR Chairman Muhammad Javed Ghani, the Karachi Tax Bar Association (KTBA) said that income tax return forms were issued couple of weeks ago and it was not possible for taxpayers and tax practitioners to comply with the deadline of September 30, 2020 for filing tax returns for year 2020.

KTPA President Zeeshan Merchant, in the letter said that the form of return on income (both for manual and e-filing) for business, salaried individuals, AOPs and companies including wealth statement along with wealth reconciliation statement was prescribed through SRO 822(I)/2020 on September 08, 2020.

Further, the simplified return of income for retailer/traders was also notified as per SRO 855(I)/2020 on September 17, 2020.

The KTBA president said that the time prescribed under Income Tax Ordinance 2001 for manual / e-filing of tax return along with wealth statement for the taxpayers was three months ie 90 days from the end of financial year ie September 30.

“Similarly, the time prescribed for companies is six months ie 180 days from the end of financial year i.e. December 30 every year.”

The KTBA said that only 22 days in case of all taxpayers and 13 days in case of retailers had been given instead of 90 days for furnishing of return of income and/or statement for retailer.