Further extension in the last date of the income tax return for the tax year 2022 has been announced by FBR up to the 15th of December 2022.
The FBR has issued the notification for an extension in the tax return’s last date in Pakistan on the 30th of November 2022. The last date was extended twice up to the 31st of October and later the 30th of November 2022.
The stakeholders were floating a number of representations regarding extension due to various factors such as problems in the tax return filing portal IRIS and other political and natural factors.
The tax return portal IRIS available on the official website of the Federal Board of Revenue (FBR) was facing specific issues. The tax refund tag for previous years’ excess tax paid was disabled causing the taxpayers to pay more tax in the current year for filing of return and claiming the refund later.
The country faced natural disasters in the shape of massive floods that hit the economy and the infrastructure badly. The political unrest in the country, the change of Government, and hyperinflationary badly affected the economy and business causing hardships for the masses and the business sector
Some amendments in the tax laws such as the insertion of section 7E regarding deemed income on the held property are also opposed as being unjustified and have been challenged in the court for reversal.
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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”