FBR decides to not lengthen deadline for submitting revenue tax returns

Because the final date for submitting the revenue tax returns closes in, the Federal Board of Income (FBR) has determined to not lengthen the deadline for the facilitation of the tax filers.

The FBR is amassing revenue tax returns from salaried enterprise people and associations of individuals (AOPs) and the final date to submit the tax returns is September 30, 2023.

With simply two days left within the deadline, the nation’s high tax assortment physique introduced on Thursday that there will likely be no extension in it.

“The final date for the submission of tax returns stays September 30,” the nation’s high tax assortment physique stated.

Nonetheless, an exception might be made for individuals who submit a request for an extension prematurely and a 15-day interval might be given to the petitioner for the submission of tax returns.

The FBR additionally stated that over 1.7 million filers have submitted their tax returns to date and the quantity is more likely to exceed 2 million by the final date.

The tax slabs for 12 months 2022-23 permitted by the previous authorities are:

• For revenue beneath Rs600,000 per 12 months (Rs50,000 per 30 days) — no tax will likely be deducted
• These incomes Rs600,000 to Rs1.2 million per 12 months (Rs50,000 to Rs100,000 per 30 days) pays a tax of two.5% of the quantity exceeding Rs600,000
• On the revenue inside a variety of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per 30 days) pays Rs15,000 plus 12.5% of the quantity exceeding Rs1.2 million
• People incomes Rs2.4 million to Rs3.6 million a 12 months (Rs200,000 to Rs300,000 per 30 days) will likely be charged at Rs165,000 plus 20% of the quantity exceeding Rs2.4 million
• These incomes Rs3.6 million to Rs6 million a 12 months (Rs300,000 to Rs500,000 per 30 days) will likely be charged at Rs405,000 plus 25% of the quantity exceeding Rs3.6 million
• Individuals with an annual revenue of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per 30 days) will likely be charged at Rs1.005 million plus 32.5% of the quantity exceeding Rs6 million
• Within the final slab, people incomes greater than Rs12 million (greater than 1,000,000 per 30 days) a 12 months will likely be charged at Rs2.955 million plus 35% of the quantity exceeding Rs12 million

The then-finance minister, Miftah Ismail — whereas asserting the federal funds for the fiscal 12 months 2022-23 — revealed the FBR’s goal for the monetary 12 months is 9% — Rs7,004 billion.