FBR Announces 14-Day Extension for Filing Income Tax Returns

The Federal Board of Revenue (FBR) announced a 14-day extension for tax return filing as an extra time for taxpayers to file the submissions. The board introduced a new deadline after an emergency meeting chaired by FBR Chairman Rashid Mahmood Langrial in early hours on Tuesday.

Deadline for Filing Returns Extended

The FBR had not considered extension of the deadline for filing and summarily rejected all applications for extension. But with mounting pressure from trade associations and tax bar associations who had been demanding a one-month extension, the FBR had to revisit the situation. The announce was expected only after the approval from the Prime Minister, but it was delivered much ahead of time and gave 14 additional days to taxpayers instead of 30 days.

Urging taxpayers to file Returns within stipulated Time

FBR has urged all taxpayers to make use of this additional time allowed by filing their returns in time. Further penalties and legal action will apply upon failure to submit on time, hence becoming vital for taking timely action. Filing on time simply means that one would be fulfilling tax laws hence avoiding unnecessary plus costs of fines.

So far, more than 3.5 million have filed their income tax returns, a significantly increased number from last year. Against last year’s comparative period, the number of tax filers is double in the face of positive growth in tax compliance.

Why the Extension Was Given

The propositions had till then suggested an extension of 15 days, but the FBR had turned them down on the same. It was only after the emergence meeting that the decision saw a revocation. In making the final decision to extend the deadline by 14 days, all apprehensions of various quarters were considered in advance, including business communities who could not meet the stipulated deadline.

The FBR still urges all the taxpayers to treat this extension as an opportunity to finalize their returns without delay. Timely submission can avoid the problem of legal issues for such individuals and also contribute towards the economic growth of the country by widening the tax base.

What If you Don’t File on Time?

This would, in turn, incur fines, even legal action, on the return not filed prior to the new deadline. The FBR has issued a stern warning to the taxpayers to follow the law. More people filing their returns would mean that, after all, most know where they are placed.

Conclusion

This way, the extension of 14 days would give a second chance to taxpayers for filling their returns. The decision taken by the FBR would motivate and help people fulfill their tax compliances without facing any legal procedure.

Take the opportunity of the extended date and submit your returns within the stipulated time and also remain on the right side of the law.