Date for filing tax returns extended

- File Photo

– File Photo

DAWN, ISLAMABAD, 18th SEPTEMBER 2013: Owing to the delay in finalisation of the draft return form for the tax year 2013, the Federal Board of Revenue has extended the last date for filing of tax returns and statements until October 31.

The draft return form was issued on August 26, 2013 to seek comments from stakeholders within 15 days, which ended on September 10. However, the FBR took almost a week to give final touches to the draft amended form and to notify it.

“We have received the vetted tax return form from the law ministry on Tuesday,” an official source in the FBR told Dawn. The form will now be uploaded on FBR website in a day or two for online submission of tax returns.

Circular no. 9 of 2013 was issued here to extend the date of filing of income tax returns/ statements for the tax year 2013.

As per decision, the date of filing of returns of total income/statements of final taxation of companies whose tax year ends any time between July 1, 2012 to December 31, 2012 has been extended to October 31, 2013.

Last date for the filing of such returns was September 30, 2013.

The date of filing of returns by other persons, which was due on September 30, 2013 was also extended to October 31, 2013.

Similarly, the date of filing of returns of total income/ statements of final taxation which was due on August 31, 2013 and was further extended to October 31, 2013. Earlier, it was extended until September 30, 2013.

When contacted, Member Inland Revenue Service Shahid Husain Asad told Dawn that the new form will carry details of all measures taken in the budget for the year 2012-13.

He said the decisions taken in the budget 2013-14 will be reflected in the return form for the tax year 2014.

Mr. Asad said that for the tax year 2013, every taxpayer will have to file three forms—tax return, wealth statement and income support levy form. The filing of wealth statement is mandatory for all taxpayers.

The form for the income support levy will be separate from the income tax return form, he added. Taxpayers will have to declare their movable assets in the income support levy form. All taxpayers will have to provide details about their bank accounts for the purpose of deduction of income support levy of 0.5 per cent.

The income support levy will be levied on those taxpayers who have more than Rs1 million cash in bank accounts. Taxpayers will have to submit bank statements along with returns as a proof whether the cash amount in all personal banks accounts is less than the threshold or more.

FBR will not seek access to bank accounts of existing taxpayers. In case of heavy transactions of people who did not exist on the tax roll, FBR will seek access to their bank accounts.

Only 7, 11,940 people filed tax returns, including employer statements in tax year 2012.

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