ISLAMABAD: Tax experts have strongly predicted extension in filing of income tax returns beyond the September 30th FBR deadline for the tax year 2024.
Asif S Kasbati, ICAP Fiscal Laws Committee Senior Member told Business Recorder that the Individuals and Associations of Persons (AOPs) having year from July 1, 2023 to 30 June 2024 are required to file Tax Year 2024 Return on or before 30 September 2024, however, owing to several reasons the expert predicts extension in filing the returns.
When contacted by this correspondent, Kasbati, who is also active with several Bars’ activities, stated as per Section 118,
(a) Individuals andAOPs having year from July 1, 2023 to June 30, 2024 and
(b) Companies having year-end between July 1, 2023to December 31, 2023 are required to file TY 2024 Return on or before September 30, 2024, however, based on experience, he predicts that general extension is likely to be allowed at least till 31 October 2024 or for 15 days owing to several reasons.
Filing of returns: FBR approached for two-month extension
He said that the return draft and final deadlines missed by FBR and PRAL considering Rule 34A(2)(e), (3) and (4) as the FBR/PRAL was supposed to issue/upload the returns but did so late (a) Draft Electronic and Manual return forms by July 1, 2024, which were actually issued on June 21, 2024 – late by about five plus months.
The final return were required to be notified by 31.1.24 but were issued on 4.7.24 about six months late. The return forms were then uploaded on IRIS thereafter by Pakistan Revenue Automation Limited (PRAL). Kasbati, Core Tax Committee member of the Pakistan Business Council, recalled that internet was slow in August and partly now too in the entire country, which has led to slow return filing, and even government claim of tax digitalisation and economic activities, also supports extension.
Regarding IRIS issues, he claimed that the IRIS was not working or slow for a certain day and IRIS is likely to be working very slowly from September 27 to September 30 as the taxpayers face this issue almost every year. The IT system issues are still not fully resolved.
Copyright Business Recorder, 2024