FBR give extension to file income tax returns till October 31st, 2022

The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns till 31st October 2022. The previous last date for filing income tax return for tax year 2022 was 30 September 2022. FBR had announced that it will not extend this date and has urged taxpayers to comply within the stipulated date but now FBR has extended the date to one month.

The Chambers and Association had approached the FBR to extend the deadline for filing income tax returns, which expires on September 30, 2022.

Karachi Chamber of Commerce and Industry (KCCI) President Mohammad Idris, in a letter sent to the Finance Minister on Monday, extended the deadline for submission of income tax returns to FBR from September 30, 2022 to December 31, 2022; Requested. Keeping in view the unusual situation created across the country due to recent rains and floods. But FBR gave extension only till October 31st, 2022.

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The KCCI president said that the chamber has continuously approached by members of the business, industrial community and people from various walks of life want the deadline to be extended to December 31.

“Due to the imposition of import ban followed by the extraordinary situation created after the heavy rains and floods across the country, taxpayers, especially the business and industrial sector, are facing many problems. is because the taxpayers have a large share of the revenue collected from the taxpayers. Various parts of the country that have badly affected by the floods are still pending”. He added that it is a well-known fact that business, trade, agriculture and all other activities have come to a complete standstill in the flood-affected areas. has created serious cash flow problems and will take at least two more months to recover.

Karachi Tax Bar Association (KTBA) recently highlighted issues on the online return form. It said that the column for adjusting capital losses brought forward under the head of capital gains is not available in the income tax return form due to which the tax on capital gains can not calculated correctly.