The Federal Board of Revenue (FBR) has extended the date of filing Income Tax Returns/Statements for Tax Year 2020 till 8th December 2020.

As per the circular, the Individuals and Association of Persons who were required to file their Income Tax Returns/ Statements of final taxation for the Tax Year 2020, which were due on 30th September 2020 but failed to file their Income Tax Returns/ Statements is hereby allowed to file their return by 8th December 2020.

Meanwhile, the companies who were required to file their Return of Total Income / Statements of final taxation for the Tax Year 2020, which were due on 30th September 2020 but failed to file their Return of Total Income / Statements are hereby allowed to file their return by 8th December 2020.

FBR further said that no further extension for the filing of Income Tax Returns/ Statements will be granted.

According to the provisional revenue collection figures compiled by the FBR, the FBR has collected Rs 993 billion during first quarter (July-September) of 2020-21 against Rs 959 billion during the corresponding period of 2019-20, reflecting an increase of Rs 34 billion. The FBR will officially release revenue collection figures on Thursday (today). Sources told Business Recorder that the FBR has surpassed the revenue collection target of approximately Rs 970 billion set for first quarter of 2020-21, they added.

The FBR has collected Rs 400 billion during the month of September 2020 against the target of Rs 418 billion for the said month, reflecting a shortfall of Rs 18 billion.

The FBR has provisionally collected Rs 400 billion during September 2020 against Rs 380 billion in September 2019, showing an increase of Rs 20 billion.