Islamabad: According to a news source on September 25, tax bar groups, chartered accounting firms, tax advisers and tax specialists have asked the Federal Board of Revenue (FBR) to extend the deadline for filing income tax returns. According to the specifics, the FBR has been persuaded to extend the deadline to October 31 by tax professionals, tax bar associations, tax advisers, and chartered accounting firms. Technical and legal issues that have come up during the present filing procedure are the reasons for the request for this extension.
System errors are among the most common technical issues taxpayers have encountered when preparing income tax returns and wealth statements. The Karachi Tax Bar Association has made a severe weakness of the IRIS system public. Additionally, data from the prior year's wealth declarations suddenly vanished from the current year's statements, causing taxpayers to experience challenges never before experienced. Individuals, Associations of Persons, and businesses with defined fiscal years are obliged to file tax year (TY) 2023 returns on or before September 30, 2023, in accordance with Section 118 of the law. The due date would instead be Monday, October 2, 2023, in compliance with the General Clauses Act, as September 30, 2023, is a Saturday and a holiday.
Despite the FBR's SMS notifications stating there will be no extensions, taxpayers are recommended to complete their income tax returns as soon as possible before the original deadline of September 30, 2023, to avoid default surcharges, penalties, and notices.