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Federal Minister for Finance, Revenues, Statistics and Economic Affairs, Senator Mohammad Ishaq Dar on Tuesday, November 15, 2016, extended the due date for filing of Income Tax Returns/Statements by Salaried persons, Individual, AOP, and Companies till 30th November, 2016. The Minister extended the date in view of the spirit of taxpayers' facilitation.
FBR wants to inform the taxpayers that the portal for filing electronic returns is working smoothly as is obvious from the fact that by 15th November, 2016 467,778 returns have been filed electronically whereas the number of returns filed electronically by 15 November, 2015 was 341, 810. This represents an increase of 37% in the number of returns received electronically.
In view of the position explained above, FBR wants to inform the taxpayers and the tax advisers that no further extension beyond 30th November 2016 will be granted in the date for filing of tax returns/statements and they may file their Income Tax Returns at the earliest to avoid the consequences of late/non-filing of returns which include charging of higher rates of withholding taxes, imposition of penalty and compulsory selection for audit under the relevant provisions of the Income Tax Ordinance.