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