Deadline for income tax returns submission without fine extended

Staff Correspondent | Published: 23:12, Jun 01,2020

 
 

The National Board of Revenue has extended the deadline for income taxpayers to meet their various pending income tax related obligations without penalty and interest, including submission of tax returns.

The NBR’s income tax wing on Monday issued an order extending the deadline for submission of corporate tax, withheld tax returns and statement of income tax by companies, tax deducting authorities and employers, and compliance with other tax issues.

Taxpayers will be allowed to submit different types of returns and statements by June 29 while complying with issues such as filing of appeals before the Taxes Appellate Tribunal and alternative dispute resolution bodies and settlement of those cases by August 5 without penalty and interest accrued for failure of compliance between March 26 and May 30.

Prior to the deadline extension, some entities were required to submit corporate tax returns by May 15 while employers were supposed to file statements of income tax by April 30.

There are also specific deadlines for filing of appeals by the taxpayers and settlement by the tax authorities.

Many taxpayers could not file their tax returns and fulfill other requirements due to the general holiday announced by the government from March 29 and extended in phases up to May 30 to contain the spread of the coronavirus pandemic in the country.

Earlier on May 20, president Abdul Hamid promulgated the Income Tax (Amendment) Ordinance-2020 empowering the NBR to extend the deadline and waive the penalty and interest.

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