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PTAA wants postponement of new tax form

PTAA wants postponement of new tax form

ISLAMABAD: The Pakistan Tax Advisers Association (PTAA) has asked the Federal Board of Revenue (FBR) to postpone the draft amended income tax return form till 2014 as the form likely be finalised on Tuesday.

PTAA Chairman Javed Iqbal Qazi said that the FBR should extend the last date for submission of returns by at least 75 days to compensate the taxpayers. He said that the taxpayers and legal fraternity should not be ‘punished’ as the FBR did not discharge its duty in time.

The last date for submission of income tax return is September 30. The draft return form was issued on August 26 to seek comments from the taxpayers within 15 days.

The chairman said that the changes, made in section 114 and 116 of the income tax ordinance through Finance Act 2013, could not be applied retrospectively for tax year 2013. So the amendments pertain to tax year 2014 and not 2013, he added.