FBR further Extended Date for Submission of Annual Income Tax Return 2019 Up To 16th December 2019, Vide circular no 16/2019 dated 29th November 2019.
Last date for submission of annual income tax return has been further extended by FBR which was already extended up to 30th November 2019 previously by FBR. The extension in date was expected because currently FBR has not achieved its revenue targets and no of expected taxpayers.
If date will not be extended further as at 16th December 2019 then penalty will be imposed on late filers @Rs 1,000 for individuals , Rs 10,000 for partnership businesses and Rs 20,000 for companies.
Circular issued by FBR can be downloaded here,
http://download1.fbr.gov.pk/Docs/201911292111352623IMG_20191129_210921.pdf
According to the current stats and data available from the FBR it is unfortunate that FBR still has not achieved its revenue targets and is far away from the revenue levels of compared with the previous years.
FBR is currently focusing the increase in no of taxpayers instead of what revenue they are generating. Which should also be considered and measures must be taken not only to increase the no of taxpayers but also revenue levels.
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