Skip to main content

Today marks the Last day for filing annual income tax returns: FBR

ISLAMABAD: The Federal Board of Revenue’s (FBR) time limit will end today (Friday) for people to file their income tax returns and wealth statements.

According to details, FBR had extended the deadline in September for filing of  annual income tax returns and wealth statements till November 30. But as of now, more extension in deadline will not be approved.

FBR extends date for filing tax returns

The sources stated, “The names of the people will be visible straight away in the active tax payer list without any delay who have filed their income tax. Also, filers will not be prohibited from acquiring immovable property no matter whatever its worth is.”

However, as compared to non-filers, filers will have to pay half the withholding tax and non-filers will have to pay 1.5-2 times more withholding tax.

The sources added, “Non-filers will not be permitted to procure property cost over Rs 5 million. Also, non-filers will have to pay more as compared to filers on different payments.”

Earlier, the last date for filing the tax returns for 2016-17 was announces as September 30, 2018 as The Pakistan Tax Bar Association (PTBA), in a letter to the FBR chairperson, had sought an extension in the deadline to file returns for 2018.

The details stated that It is mandatory for the people to file their  income tax returns along with wealth statement for the financial year 2017-18, whose annual salary from July 1, 2017 to June 30, 2018 is higher than Rs 400,000.

Furthermore, it is notified by Federal Board of Revenue (FBR), that all the offices of Large Taxpayer Units, Corporate Regional Tax Offices, and Regional Tax Offices would remain open and observer extended working till 10 pm on Friday (November 30) in order to assist the taxpayers in payment of duties and taxes and filing of income tax returns and statements.

Also, in an additional notification, the Chief Commissioners Inland Revenue were directed to institute connection with State Bank of Pakistan and authorized branches of National Bank of Pakistan to guarantee relocation of tax collection by these branches on November 30 to the particular branches of SBP on the same date so as to report for same as the compilation for the month of November 2018.

The post Today marks the Last day for filing annual income tax returns: FBR appeared first on ARYNEWS.



from ARYNEWS https://ift.tt/2TXLDNZ

Comments

Popular posts from this blog

Trump says he urged team to ‘slow’ COVID-19 testing

US President Donald Trump said Saturday he was encouraging health officials in his administration to slow down coronavirus testing, arguing that increased tests lead to more cases being discovered. The president has claimed falsely on several occasions that surges of COVID-19 in several states can be explained by greater numbers of diagnostic tests. At his first rally since the outbreak forced nationwide shutdowns in March, Trump told the crowd in Tulsa, Oklahoma that testing was a “double-edged sword.” The United States — which has more deaths and cases than any other country — has carried out more than 25 million coronavirus tests, placing it outside the top 20 countries in the world, per capita. “Here is the bad part: When you do testing to that extent, you are going to find more people, you will find more cases,” Trump argued. “So I said to my people ‘slow the testing down.’ They test and they test.” It was not clear from Trump’s tone if he was playing to the crowd, who ...

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma...

IS confirms Baghdadi’s death, vows revenge

Abu Bakr al-Baghdadi.—AP BEIRUT: The Islamic State militant group confirmed the death of its leader Abu Bakr al-Baghdadi in a statement on Thursday and named his replacement as Abu Ibrahim al-Hashimi al-Quraishi. “We mourn you ... commander of the faithful,” said Abu Hamza al-Quraishi — presented as the group’s new spokesman — in an audio statement. Baghdadi, who led IS since 2014 and was the world’s most wanted man, was killed in a US special forces raid in Syria’s province of Idlib on Sunday. The group also confirmed the killing in another raid the following day of the group’s previous spokesman Abu Hassan al-Muhajir. The statement said the group’s legislative and consultative body convened after the 48-year-old Iraqi-born jihadist chief’s death. “The Islamic State shura council convened immediately after confirming the martyrdom of Sheikh Abu Bakr al-Baghdadi, and the elders of the holy warriors agreed” on a replacement, said the seven-minute message. Little is known abou...