The Federal Board of Revenue (FBR) is coming to the aid of taxpayers facing challenges in meeting the initial income tax return deadline. While there is speculation about a possible one-month extension, the official word from the FBR remains constant – the deadline is until September 30th. As of now, 1.7 million taxpayers have successfully filed their returns, and the FBR expects this number to reach 2 million by the end of September.
To assist taxpayers navigating the online filing process and prepare for a potential extension, the FBR has suggested that individuals and companies can request a 15-day extension by submitting appeals to the relevant commissioners. In this article, we provide a comprehensive step-by-step guide on how to request an extension and file your income tax returns online after the deadline.
How To File Your Income Tax Returns Online
Step 1: Access Your Iris Account
Commence the process by logging into your Iris account, the FBR’s dedicated online portal for all tax-related transactions. If you don’t have an account, you can register for one on the FBR website.
Step 2: Request an Extension
Submit a formal request for an extension to the appropriate commissioner. In your request, clearly state the reasons necessitating an extension to file your return after the initial deadline. Typically, both individuals and companies are granted a 15-day extension. Ensure that your request is well-documented to increase the likelihood of approval.
Step 3: Initiate the Filing Process
Once your extension request is submitted, proceed with the actual filing of your income tax return. This involves completing two essential forms:
- “Return of Income” Form: This form captures details about your income, deductions, and taxes paid.
- “Wealth Statement” Form: This form provides information about your assets and liabilities.
Crucial Note: Reconciliation of ‘Wealth Statement’
It is vital to ensure successful submission of your Wealth Statement by reconciling it with your financial status. Your current year’s wealth should either increase or decrease by an amount equivalent to your income exceeding or falling short of your expenses. Failure to reconcile the wealth statement may impede the submission of your Income Tax Return.
For Salaried Individuals
Salaried individuals can benefit from a simplified process for filing their Income Tax Return. They can use the Declaration Form 114(I), specifically designed for individuals whose income primarily comes from salary and other sources, with salary accounting for more than 50% of their total income.
As the FBR considers a possible extension, this guide equips taxpayers with a clear roadmap to successfully file their income tax returns online. Stay tuned for official FBR announcements regarding the deadline extension, and remember that timely submission of your tax returns is crucial to avoid fines and penalties. Keep an eye on updates from the FBR and ensure your tax affairs are in order.
Afsheen is a writer with an extensive experience in creating authentic and well-researched articles.