No extension in filing income tax returns deadline: FBR

 Thursday, September 28, 2023

Two days left in finish of cutoff time for recording annual assessment forms.
Charge assortment from salaried people and AOPs in progress.
FBR says special case workable for the individuals who demand for expansion.

With only two days left in the last date for the personal expense forms, the Government Leading body of Income (FBR) on Thursday declared that there would be no augmentation in the cutoff time.

Also read :Overseas Pakistanis sent remittances worth $3.07 billion in December 2024

The FBR has begun gathering annual expense forms from salaried business people and relationship of people (AOPs).

The last date to present your expense forms is September 30, 2023.

Also read :No increase in foreign debt in two and a half years, says State Bank Governor

"The last date for the accommodation of assessment forms remains September 30," the nation's top expense assortment body said.

In any case, an exemption can be made for the people who present a solicitation for an expansion ahead of time and a 15-day term can be given to the solicitor for the accommodation of assessment forms.

Also read :80 federal ministries have eliminated 150,000 and 150,000 posts: Finance Minister

The FBR likewise expressed that over 1.7 million filers have presented their government forms up to this point and the number is probably going to surpass 2 million by the last date.

The assessment chunks for year 2022-23 supported by the previous government are:

For money underneath Rs600,000 each year (Rs50,000 each month) — no assessment will be deducted

Also read :IMF shows flexibility on cutting off gas supply to Kapto power plants

Those procuring Rs600,000 to Rs1.2 million every year (Rs50,000 to Rs100,000 each month) will pay an expense of 2.5% of the sum surpassing Rs600,000

On the pay inside a scope of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 each month) will pay Rs15,000 in addition to 12.5% of the sum surpassing Rs1.2 million

People procuring Rs2.4 million to Rs3.6 million per year (Rs200,000 to Rs300,000 each month) will be charged at Rs165,000 in addition to 20% of the sum surpassing Rs2.4 million

Those procuring Rs3.6 million to Rs6 million every year (Rs300,000 to Rs500,000 each month) will be charged at Rs405,000 in addition to 25% of the sum surpassing Rs3.6 million

Individuals with a yearly pay of Rs6m to Rs12 million (Rs500,000 to a million every month) will be charged at Rs1.005 million or more 32.5% of the sum surpassing Rs6 million

In the last piece, people procuring more than Rs12 million (more than a million every month) a year will be charged at Rs2.955 million or more 35% of the sum surpassing Rs12 million

The then-finance serve, Miftah Ismail — while reporting the government spending plan for the monetary year 2022-23 — uncovered the FBR's objective for the monetary year is 9% — Rs7,004 billion.