The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns.
According to the FBR, the initial deadline for filing tax returns was September 30. Now, this period has been extended by another 15 days.
Under the new deadline, taxpayers will be able to file their income tax returns by October 15.
According to FBR sources, the target of tax collection was fully achieved during September. The total tax collection this month stood at Rs 1,390 billion.
The extension of the deadline for filing tax returns has come at a time when it has been reported that the target of tax collection for September has been met.
The extension of the tax return filing date has given more time to those individuals and businesses who could not file their returns by the stipulated period for some reason.
This extension is important for those who wish to become filers. Filing returns on time helps in keeping tax records updated as well as maintaining documentary status in financial matters.
It is also noteworthy that the FBR’s figures show that the September collection reached Rs 1,390 billion. This shows that the target of tax collection was achieved this month. However, the performance of the overall tax system cannot be judged by the collection of just one month.
Now, taxpayers’ attention will be on the new deadline of October 15. Those who have not yet filed their returns can take advantage of the additional time and complete their returns on time.
The purpose of the extension of the deadline by the FBR is to provide more convenience to taxpayers.
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