The Federal Board of Revenue (FBR) has provided taxpayers with a lifeline to file their income tax returns after the initial deadline, offering a grace period to those facing difficulties in online filing.
While there's speculation about a possible one-month extension, the official word from FBR remains until today, September 30th.
So far, 1.7 million taxpayers have successfully filed their returns, and FBR expects this number to reach 2 million by the end of September.
To address the concerns of taxpayers struggling with the online filing process, FBR officials have hinted at a potential extension, with an official announcement expected today.
Tax consultants anticipate that individuals and companies can request a 15-day extension by submitting their appeals to the relevant commissioners.
While these requests are typically granted, there have been instances of rejections. In cases of rejection, it is advisable for taxpayers to promptly file their returns to avoid fines.
Here's how to file income tax returns after the deadline:
Here is a simplified guide on how to request an extension and file your income tax returns online:
Step 1: Sign in to your Iris account
Begin by logging into your Iris account, which is the FBR's online portal for tax-related transactions.
Step 2: Submit a request to the commissioner
Submit a request to the relevant commissioner, explaining your need for an extension to file your return after the deadline. Typically, individuals and companies are granted a 15-day extension.
Step 3: Start the filing process
Once your request for an extension is submitted, proceed with the process of filing your income tax return. Ensure that you complete both the "Return of Income" form and the "Wealth Statement" form, which provides details of your assets and liabilities.
You can find step-by-step written and video guides on filing your Income Tax Return and Wealth Statement on the Knowledge Base portal.
Important note: Reconciliation of 'Wealth Statement'
To successfully submit your Wealth Statement, ensure that your current year's wealth has increased or decreased by the same amount as your income exceeds or falls short of your expenses.
Failure to reconcile the wealth statement may prevent you from submitting your Income Tax Return.
For salaried individuals
If you are a salaried person, filing your Income Tax Return has been made easier. You can use the Declaration Form 114(I) specifically provided for salaried individuals.
This form simplifies the process for those whose income is primarily derived from salary and other sources, with salary constituting more than 50% of their total income.
With these simplified steps and the possibility of a grace period extension, taxpayers can navigate the process of filing their income tax returns with greater ease and confidence.
Keep an eye on official FBR announcements for updates regarding the deadline extension.
