Islamabad: The deadline – previously announced by the Federal Board of Revenue (FBR) for filing income tax returns – is set to expire today (Monday), a news source reported. In order to facilitate the taxpayers, the taxation authority’s field offices will remain open until midnight.
The department recently notified extension in working hours, and sent copies of its announcement to all sizeable taxpayer units, regional tax offices (RTOs) and chief commissioners of regional corporate tax offices.
The chief commissioners have been directed by the federal institution to maintain close coordination with the authorised branches of the National Bank of Pakistan (NBP) in an effort to facilitate tax collection transfers to the State Bank on the same day – so that this amount can be counted in the tax receipts accrued for the month of September.
The State Bank has issued a letter to the NBP’s authorised branches to remain open until midnight and facilitate the taxpayers.
Please note that as per FBR rules, people who have a national tax number (NTN), have paid taxes within the last 2 years, and who earn an annual salary equal to, or over, PKR 400,000 are liable to file their income tax returns. People with foreign income of USD 10,000 or more, or with foreign assets worth USD 100,000 or more, have been asked to file their returns as well.
Other qualified taxpayers include; individuals who own 500 yd2 or more in city areas, or who own cars with an engine capacity of over 1,000 CC, companies or industrial units that pay an electrical bill over PKR 500,000, non-profit companies that lie under article 2 (36) of Income Tax Ordinance, and others as defined by the FBR regulations.
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