Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to extend the last date of e-filing of return of income tax/statement of final taxation. According to the letter sent to the chairman FBR, the KTBA stated that the return of Income tax/statement of final taxation was notified vide SRO No. 819(l)/2017 on August 17, 2017 and the same was uploaded on FBR web portal for the purpose of e-filing on August 21, 2017.

However, the last date of filing the return of Income tax and/or statement of final taxation (FTR) for salaried individuals and persons whose income/receipt falls under final taxation is August 31, 2017. It said that return of income/statement of final taxation for those taxpayers who were not required to e-file, had not yet been prescribed nor notified, creating undue panic amongst the taxpayers.

Therefore, KTBA requested to notify the return of income/ statement of final taxation for those taxpayers who are required to file the same, manually, at the earliest. The letter further said that the wealth statement and wealth reconciliation statement for the tax year 2017 has also not yet been prescribed and notified that made taxpayers unable to file the return of income and/or statement of final taxation electronically and/or manually.

Although the wealth statement is available on IRIS, the same is not notified and any taxpayer filing the same will be compelled to file the same (wealth statement) without any legal cover. Keeping the said in view, the KTBA has requested the FBR to prescribe and notify manual return of income/statement of final taxation and wealth statement along with wealth reconciliation statement at earliest and extend the last date of e-filing of return.

Copyright Business Recorder, 2017