FBR Grants Extension for Income Tax Return Filing Deadline Until October 31
Islamabad: The Federal Board of Revenue (FBR) has decided to extend the deadline for filing income tax returns for the tax year 2023 until October 31, 2023. This announcement was made via the FBR's official Twitter account in response to requests from trade organizations and tax bar associations. It was also emphasized that this extension is final, and there will be no further extensions granted for filing tax returns.
The need for this extension arose due to a combination of financial and technical challenges, including a newly discovered IT glitch in the IRIS system. The extension request was supported by Tax Advisers, Chartered Accountant Firms, and Tax Experts. Mr. Ghulam Bilal Javed, Provincial President of the Traders Alliance Federation, and Mr. Malik Meher Ali, Provincial President of Markazi Tanzeem-e-Tajiran, made appeals to the Federal Government. They pointed out that the FBR had already updated the Income Tax Rules 2002 to address these issues.
Furthermore, in an impressive financial achievement, the FBR reported that it had exceeded its collection target for the first quarter of the current financial year. The FBR collected Rs. 2,041 billion, surpassing the target of Rs. 1,978 billion by Rs. 63 billion. In addition, for the month of September 2023 alone, the FBR collected Rs. 834 billion, exceeding the target of Rs. 794 billion. It's worth noting that refunds of Rs. 37 billion were granted during the month, compared to Rs. 18 billion in September 2022.
Considering the prevailing circumstances and the nation's economic well-being, the FBR has made the decision to extend the deadline for one month, providing taxpayers with the necessary time and flexibility to meet their tax obligations.
This extension offers a crucial opportunity for individuals and businesses to ensure compliance with tax regulations while taking into account the unique challenges and developments of the current financial landscape.
