Companies, businesses asked to pay up to 95 percent of tax liabilities till 30th

Federal Board of Revenue (FBR) has asked the companies and businesses seeking extension in date for filing of income tax returns to pay up to 95 percent of their tax liabilities till due date ie September 30, 2019. Sources told Business Recorder here on Monday that the FBR's instructions to the field formations are mainly related to the corporate sector and businesses. The accounts are closed on June 30 and companies and their tax advisers are well aware of their actual tax liability. Therefore, the companies and businesses should pay their tax liability up to September 30, 2019 before seeking extension in date for filing of income tax return beyond September 30, 2019.
According to the FBR's instructions issued to the field formations here on Monday, Federal Board of Revenue (FBR) has directed all the chief commissioners IR to ensure before granting extension in the date of filing of Income Tax Returns for the Tax Year 2019 in the cases where last date of filing of Income Tax Returns is 30th September, 2019 that 95 percent of the admitted tax liability is paid before 30th September, 2019.