Peshawar: According to the most recent information, the Federal Board of Revenue (FBR) was requested by the business community, tax bar associations, tax advisers, Chartered Accountant Firms, and tax experts to extend the deadline until January 31, 2024, due to technical and budgetary concerns. An updated IT bug in IRIS, the online site where income tax returns are filed, has been reported to FBR by the Karachi Tax Bar Association and prevents users from replying to alerts. Following this problem, they asked for two months to readily submit their tax returns in a unified statement.
Read More: FBR Unearths Massive Rs. 214.8 bn Sales Tax Fraud
Malik Meher Ali and Ghulam Bilal Javed, the provincial presidents of Traders Alliance Federation and Markazi Tanzeem e Tajiran, respectively, asked the federal government to push back the deadline for filing tax returns from September 30, 2023, to January 31, 2024.
They claimed that the country’s economic difficulties and increasing inflation rates have a significant impact on business groups. It was challenging for them to generate income and file their tax return by the deadline due to the negative impact on business operations.
The bulk of businesspeople and dealers are taxpayers, they added, and most of them desire to file tax returns for their personal gain. However, the country’s economic downturn and financial crisis prevented them from doing so.
Additionally, the provincial presidents emphasized that the FBR had already updated the 2002 Income Tax Rules. According to those revisions, the authority was creating an income tax return form in Urdu, but no one has yet been informed. This form is intended to simplify the tax system and benefit taxpayers.
Although it would take some time to comprehend the form, they claimed that the Urdu Return Form ought to be applicable to the 2022 Tax Year as well. They also raised concern that, for the reasons given to FBR, the business community wouldn’t be able to file tax returns until October 31.
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