Further extension in the last date for tax return 2022 in Pakistan, for the persons with the normal tax year, has been granted by the FBR up to the 30th of November 2022. Previously the last date for tax returns was the 31st of October 2022 which was fixed by allowing an extension in the date of filing i.e. 30th of September 2022.
The FBR has notified the extension by issuing Circular No 17 of 2022 on the 31st of October 2022. The extension was being requested by the stakeholders due to many reasons which is honored by the FBR.
Earlier, the Lahore Chamber of Commerce and Industries (LCCI) raised a demand to the FBR for granting an extension in the last date for the tax returns for two months i.e. up to 31st of December 2022 to make it easy for the business community to file tax returns. The LCCI in a statement referred to the amendment in the Income Tax Rules 2002 regarding the drafting of return forms in the Urdu language applicable for the tax year 2022 that is yet to be notified. It was stated that the business community needs some time to understand the said return forms and also due to some other factors, the return date may be relaxed up to the 31st of December 2022.
Taxpayers are facing various difficulties in filing tax returns for the year 2022 due to various reasons. The adjustment of refunds related to previous years has been disabled by the FBR in the tax return forms for the year 2022 available on the tax portal IRIS. Due to this, the taxpayers have to pay extra tax on first hand and request for a refund later seems illogical as the refund process is hectic and time taking. Blocking of extra money in terms of tax by the taxpayers is not justified and the taxpayers are showing concerns over this and have demanded to revise the change by allowing adjustment of refunds of previous years.
The political unrest in the country, hyperinflation, devaluation of the currency, and hike in oil prices resulting in an increase in the cost of doing business have further increased hardships for the taxpayers that includes the business community and the salaried class. Apart from this, the massive floods in the country have also disturbed the masses, infrastructure, and economy.
Although the extension last date for tax return is insufficient, however, will give some room to the taxpayers to meet the legal obligation by filing returns.
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Disclaimer
“The contents of this post are intended for informational and educational purposes only and are based on data gathered by Team Fiscal Updates. It is important to note that the information provided here should not be relied upon as a reference for any legal documents. If you require assistance with legal decisions, it is recommended to seek proper professional advice. It may also be noted that the provisions of the Income Tax Ordinance 2001 have an overriding effect on all other laws of the country and shall prevail in case of any contradiction in terms of Section 3 of the Ordinance”