ISLAMABAD: Federal Board of Revenue (FBR) has given around 21 days time-line to taxpayers to file their return of income for tax year 2020.
The FBR issued SRO 822(I)/2020 to notify the finalized income tax return form for initiation of return filing for the tax year 2020.
The FBR about 20 day ago issued draft income tax return form and invited comments from stakeholders within seven days.
The filing of income tax return for tax year 2020 is due on September 30, 2020 as per Income Tax Ordinance, 2001 for taxpayers other than corporate entities having financial year ending on June 30.
Therefore, taxpayers including salaried persons, business individuals, Association of Persons (AOPs), persons falling under final tax regime and corporate entities having special tax year will require to file their income tax returns by September 30, 2020.
Tax experts said that the late issuance of return forms will compel the FBR to extend to last date for filing the returns. They said that as per statute the income tax return filing is due from July 01 every year, which means the FBR should give taxpayers, who are required to file their return by September 30, at least three months from the issuance of the return form.
For the past many years it has become a routine matter for the FBR to delay the issuance of income tax return form which resulted in repeated extensions.