LAST AND FINAL DATE TO FILE INCOME TAX RETURNS

The Federal Board of Revenue (FBR) has made it clear to all taxpayers that the date for filing annual income tax returns will not be extended further, therefore the taxpayers are directed to submit returns before December 8, 2020.

FBR has taken several steps to facilitate the taxpayers to facilitate the submission of income tax returns. A new simple return form for the tax year 2020 has been introduced.

Under the steps, taxpayers can submit annual returns with guidance through the new Wizard-based simple web interface. The FBR has clarified that all such persons have been identified who are not filing their returns despite having taxable income and such persons as Expenses are more than taxable income but they have shown their income less than taxable income in their annual statements.

The FBR database contains details of the expenses and income of all such persons. The FBR is giving all such people one last chance to submit their tax returns according to their true expenses and income, otherwise, they will be prosecuted according to the law.

Video tutorials are available on the FBR website for guidance on how to file tax returns, and in case of any problem, help can be sought from the FBR Helpline It is pertinent to mention that filing an income tax return is mandatory for anyone with an annual income of Rs 600,000 or more.

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