AVN 71.14 Increased By ▲ 1.14 (1.63%)
BOP 9.02 Decreased By ▼ -0.06 (-0.66%)
CHCC 135.60 Increased By ▲ 1.99 (1.49%)
DCL 9.67 Increased By ▲ 0.31 (3.31%)
DGKC 108.40 Increased By ▲ 2.40 (2.26%)
EFERT 61.96 Increased By ▲ 0.52 (0.85%)
EPCL 45.35 Decreased By ▼ -0.65 (-1.41%)
FCCL 21.59 Increased By ▲ 0.09 (0.42%)
FFL 15.25 Decreased By ▼ -0.21 (-1.36%)
HASCOL 15.29 Increased By ▲ 0.09 (0.59%)
HBL 130.30 Decreased By ▼ -0.20 (-0.15%)
HUBC 84.46 Increased By ▲ 0.01 (0.01%)
HUMNL 6.09 Increased By ▲ 0.06 (1%)
JSCL 27.11 Increased By ▲ 0.22 (0.82%)
KAPCO 28.85 Decreased By ▼ -0.10 (-0.35%)
KEL 3.72 Decreased By ▼ -0.02 (-0.53%)
LOTCHEM 13.16 Increased By ▲ 0.11 (0.84%)
MLCF 41.05 Increased By ▲ 1.07 (2.68%)
OGDC 100.69 Increased By ▲ 0.29 (0.29%)
PAEL 34.25 Decreased By ▼ -0.05 (-0.15%)
PIBTL 12.91 Decreased By ▼ -0.13 (-1%)
PIOC 96.00 Increased By ▲ 1.80 (1.91%)
POWER 9.81 Increased By ▲ 0.02 (0.2%)
PPL 92.15 Increased By ▲ 1.15 (1.26%)
PSO 206.02 Increased By ▲ 4.52 (2.24%)
SNGP 44.92 Decreased By ▼ -0.44 (-0.97%)
STPL 16.62 Increased By ▲ 0.11 (0.67%)
TRG 71.41 Increased By ▲ 3.78 (5.59%)
UNITY 27.27 Decreased By ▼ -0.26 (-0.94%)
WTL 1.03 Decreased By ▼ -0.03 (-2.83%)
BR100 4,375 Increased By ▲ 0.89 (0.02%)
BR30 22,115 Decreased By ▼ -38.6 (-0.17%)
KSE100 42,048 Increased By ▲ 20.34 (0.05%)
KSE30 17,665 Decreased By ▼ -3.68 (-0.02%)

KARACHI: Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to allow time for e-filing of income tax returns for the tax year 2020 in tandem with the law.

In a letter sent to the chairman of FBR, the KTBA said that it was commendable that for tax year 2020 the FBR notified returns of income for business and salaried individuals, AOPs and companies concurrently via notification dated 08/09/2020.

Additionally, a simplified return of income for retailer/traders has also been notified per notification dated 17/09/2020. Consequently in line with section 118(2) and (3) of the Income Tax Ordinance 2001 the time prescribed for filing of returns in case of a company was 180 days and in other cases 90 days from the date the relevant amendments have been incorporated in the returns of income officially.

On the other hand the KTBA members have questioned the soundness of the FBR’s media campaign which otherwise represents September 30, 2020 as the last date for filing of returns of income for the tax year 2020.

Therefore, KTBA sought FBR consideration on the matter and requested that taxpayers vis-a-vis tax professionals should be allowed time to file returns of income in tandem with the law.

Copyright Business Recorder, 2020