ISLAMABAD: Federal Board of Revenue (FBR) is likely to extend the last date for filing income tax returns by salary and individual persons as the tax body issued draft form for statement of assets / liabilities for tax year just 10 days ahead cut off date for filing the annual return.
The FBR issued SRO 950(I)/2017 dated September 20, 2017 to invite comments of stakeholders on draft form for wealth statement.
It is pertinent to mention here that the last date for salary persons, which was already extended by one month, is September 30. Similarly, this is the last date as well for business individuals for filing income tax returns.
The FBR issued return forms through SRO 819(I)/2017 pm August 17, 2017. However, Karachi Tax Bar Association (KTBA) had raised objections that the wealth statement form was not issued along with the return form, therefore, such form would have no legal status.
The tax bar in its letter to FBR chairman on August 28 and September 14 informed that the form of wealth statement and reconciliation statement for e-filers had not been notified.
It asked the FBR to notify the forms at the earliest so that the legal cover is provided to the document. “We are afraid that till issuance of appropriate notifications these forms shall remain un-prescribed and not legal,” the KTBA said in its letters.