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FBR extends date for filing of income tax returns

ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday extended the date for filing of income tax returns and statements for tax year 2018 up to December 15.

Earlier, the FBR had extended the deadline in September for filing of  annual income tax returns and wealth statements till November 30, which has further been extended now.

According to the latest notification issued by the FBR, the date of  income tax returns and statements of final taxation which were due on August 31 and were extended up to November 30 has been further extended up to December 15.

Read More: Cabinet decides to separate tax policy from revenue administration

The sources stated, “The names of the people will be visible straight away in the active tax payer list without any delay who have filed their income tax. Also, filers will not be prohibited from acquiring immovable property no matter whatever its worth is.”

However, as compared to non-filers, filers will have to pay half the withholding tax and non-filers will have to pay 1.5-2 times more withholding tax.

The sources added, “Non-filers will not be permitted to procure property cost over Rs 5 million. Also, non-filers will have to pay more as compared to filers on different payments.”

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