Today is last date and FBR has now two options regarding the extension in last date by FBR for filling of income tax returns for tax year 2019.
1.Either to grant further extension in last date by FBR for filling of income tax returns. OR
2.Collect late filing surcharge.
The last date for annual filing income tax for tax year 2019, is December 16, 2019.
The date for filing income tax returns by salaried persons, business individuals, AOPs & companies having special financial year was September 30, 2019.
However, FBR granted,
first extension on September 30, 2019,
second on October 31, 2019 and
third extension was granted on November 29, 2019.
Normally FBR extends the last date up to mid of December every year. However, for the tax year 2018, the date was extended up to August 09, 2019 due to various reasons including the amnesty scheme launched during the time period.
The sources said that FBR was eying to receive around 3.5 million income tax returns for tax year 2019 as it had received around 2.71 million returns for tax year 2018.
According to a letter of PTBA, total return filing by November 26, 2019 for tax year 2019 was 1.6 million. So it is unlikely the FBR get around one million returns by December 16, 2019. If FBR eyes 3.5 million returns for tax year 2019 then the required number will be 1.8 million returns to be filed during the last extension or 16 days from December 01, 2019 to December 16, 2019.
After introduction of Tenth Schedule to Income Tax Ordinance, 2001 the return filing had become very important and under the new schedule a person was required to pay 100 percent more withholding tax in case his name was not on the ATL.
Besides, the FBR also introduced slabs of late filing surcharges for individuals, AOPs and companies. In case date was not extended beyond December 16, 2019 then return filers would required to pay late surcharge in order to ensure their name on the ATL.