In a recent development, the Federal Board of Revenue (FBR) has made it clear that there will be no extension of the deadline for submitting income tax returns.
The decision comes after the FBR had previously granted a one-month extension, which expired yesterday.
As of the latest update, approximately 2.9 million individuals have successfully filed their income tax returns. However, several quarters, including the business community and tax bars, had urged the FBR to consider a further one-month extension.
Their rationale was to provide relief for those who may have faced challenges in meeting the initial deadline due to various reasons.
According to proponents of an extended deadline, this would not only assist individuals in fulfilling their tax obligations but also contribute to an increase in the number of active tax filers.
They argued that this, in turn, would lead to a boost in revenue collection for the public exchequer.
Addressing the speculations surrounding a potential extension, the FBR has unequivocally stated that no additional time will be granted for filing income tax returns. Taxpayers are advised to adhere to the previously extended deadline and ensure timely submission of their returns to avoid any penalties or legal consequences.
Despite the initial deadline extension, the FBR has achieved remarkable success in revenue collection. The board has managed to collect an impressive Rs2748 billion in revenue during the first four months of the current fiscal year. This amount surpasses the set revenue target of Rs2682 billion, which is a positive sign for the country's economic health.
