In response to the appeals from trade bodies and various tax bar associations, the Federal Board of Revenue (FBR) has heeded the call and extended the tax return filing deadline. Taxpayers now have until October 31, 2023, to submit their income tax returns for the Tax Year 2023.
Contrary to its earlier announcement, the FBR has decided to grant a one-month extension for the filing of income tax returns. This move comes after widespread requests from trade bodies and tax bar associations, reflecting the need for additional time to complete the filing process. The new deadline of October 31, 2023, offers taxpayers a welcome reprieve.
No Further Extensions:
While this extension provides some breathing room, it’s important to note that the FBR has clearly stated that no further extensions will be granted beyond October 31st. Taxpayers are encouraged to utilize this extra time wisely to ensure timely compliance with tax regulations.
Exceeding Revenue Targets:
The FBR’s decision to extend the tax return deadline comes on the heels of an impressive revenue collection performance. For the first quarter of the current financial year, the FBR collected Rs. 2,041 billion, surpassing the assigned target of Rs. 1,978 billion by Rs. 63 billion. This overachievement reflects the government’s commitment to fiscal responsibility and efficient revenue collection.
Increased Return Filers:
A notable development is the substantial increase of 15 percent in the number of return filers until September 28, compared to the same period in the previous year. This indicates a growing awareness and compliance among taxpayers. The FBR expects a further surge in return filings during the last two days of the extended deadline, i.e., September 29th and 30th.
The FBR’s decision to extend the tax return filing deadline until October 31, 2023, responds to the practical needs of taxpayers and tax professionals. While the extension is a relief, it’s essential for individuals and businesses to use this time wisely to fulfill their tax obligations. The impressive revenue collection performance and the increasing number of return filers demonstrate positive progress in tax compliance. As the deadline approaches, taxpayers are encouraged to ensure their filings are accurate and complete to avoid any last-minute rush or penalties.
Afsheen is a writer with an extensive experience in creating authentic and well-researched articles.