Extension in the deadline for filing income tax returns is likely but the Federal Board of Revenue (FBR) has not given any hint of going beyond September 30.
As per FBR officials, so far 1.7 million taxpayers have filed returns, and the numbers are expected to reach 2 million by September 30.
Tax consultants are expecting one-month extension in the deadline due to difficulties in the online filing of income tax returns.
However they believe that the formal announcement will be made by the FBR on September 30.
They revealed that the individuals can get 15 days of relaxation for filing return by submitting requests to the relevant commissioners.
“Individuals and companies can seek extension in date for filing income tax return by submitting request to the relevant commissioner. Filers get a notification about the fate of request after a couple of days. Usually, a 15-day extension is granted but there are incidents of rejection also. In that case, taxpayers should file returns at the earliest to avoid fine”, said Shuja Zaidi, a known tax consultant in Lahore.
Here’s how to submit online request for extending deadline and filing income tax returns
Step 1
Sign in on your Iris account
Step 2
Submit request to Commissioner for filing return after deadline. Usually, individuals and companies are granted 15 days extension.
Step 3
Start the process of filing return.
Individuals must complete the Return of Income form and Wealth Statement (statement of assets & liabilities) form.
Knowledge Base portal provides step-by-step written and video guides on filing Income Tax Return and Wealth Statement.
Successful submission of Income Tax Return and Wealth Statement in Iris is confirmed when both the forms have moved from the Draft folder to the Completed Task.
RECONCILIATION OF WEALTH STATEMENT
Wealth Statement will only be successfully submitted, once the current year’s wealth has increased/decreased from previous year’s wealth by the same amount as your income has exceeded/fallen short of your expenses. Failure to reconcile wealth statement won’t allow you to submit your Income Tax Return.
SALARIED PERSON – INCOME TAX RETURN
To facilitate a salaried person in filing their Income Tax Return, Declaration Form 114(I) has been provided. Salaried person would need to complete the Declaration form 114(I) in order to successfully submit their Income Tax Return.
Persons who are deriving income only from salary and other sources, where salary is more than 50% of Income can avail of this form.
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