Last day to file income tax returns today
ISLAMABAD: The Federal Board of Revenue’s (FBR) deadline for citizens to file their income tax returns and wealth statements ends today (Friday).
In September, the FBR had extended the deadline to file annual income tax returns and wealth statements till November 30.
According to sources, a further extension in deadline will not be granted.
“The names of those who have filed their income tax returns will immediately appear in the active tax payer list,” sources said. “Filers will not be banned from purchasing immovable property no matter what it’s worth,” sources added.
Further, as compared to non-filers, filers will have to pay half the withholding tax. “Non-filers will have to pay 1.5-2 times more withholding tax,” the sources further said.
“Non-filers will not be allowed to purchase property worth over Rs5 million.”
The sources added, “Non-filers will have to pay more in comparison to filers on various payments.”
The last date for filing the returns for 2016-17 was earlier announced to be 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.
All those whose annual salary from July 1, 2017 to June 30, 2018 is above Rs400,000 are required to file their income tax returns along with wealth statement for the financial year 2017-18.