FBR extends income tax returns filing date once again

FBR extends income tax returns filing date once again

Federal Board of Revenue (FBR) extends the income tax returns filing date till 15th December, for the third time.

The announcement was made by the Federal Finance Minister Ishaq Dar in a video message saying that extension has been made in response to the requests from various trade bodies, Tax Bar association and flood-affectees. Earlier, the date for filing income tax returns was extended for individuals and companies till October 31 however, on receiving the constant requests the ministry of Finance decided to further extend the date till November 30.

During the video message the Finance Minister urged the people to file their tax returns to avoid any penal action.

It was estimated that the tax collection for the ongoing fiscal year 2022-23 exceeded the set target of Rs 2,680 billion for five months and the target of Rs 537 billion for the month of November.

It is pertinent to mention that FBR collected 2,688 billion rupees compared to Rs 2,330 billion collected during the previous year. Rising up the amount by 15.3%.

Read More: SECP registered 4,791 real estate and construction companies in FY22

FBR has also issued refunds of Rs 135 billion as compared to 124 billion Rupees issued previous year. Collection of direct tax registered maximum growth of 43%.

The collection of tax in the month of November this year has risen up by 11.5% as 538.2 billion Rupees were collected as against the collection of Rupees 480 billion in the same month last year.

The date for filing the income tax returns was extended due to multiple number of requests from different sectors and the most were from the Flood affectees in specific.

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