Taxpayers can file tax returns till October 14: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) granted a 14-day extension for filling income tax returns, the revenue body announced in early hours of Tuesday.

The decisions follows an urgent meeting led by the FBR Chairman Mahmood Langrial. The meeting was aimed at addressing concerns over the original  submission timelne.

Read more: FBR office to remain open on Sunday for tax return submissions

The extension to file taxes is designed to alleviate pressure on taxpayers. It provides them wit extra time to ensure their tax returns are accurately completed and then filed.

The FBR notification comes after several trade associations and tax professionals had been advocating for a more flexible deadline.

With the revised deadline now set for October 14, taxpayers are urged to utlitise the additional time to submit their income tax returns without the stress of the previous deadline.

The initiative is expected to streamline the filing process and assist both, people an businesses in fulfilling their tax responsibility.

Read more: Govt is not planning new taxes or mini-budget for FY 2024-25: FBR

The tax filing process involves several steps, which may vary depending on the taxpayer’s status – individual, proprietor or a corporate entity.

To start the tax returns process, taxpayers need to first register with the FBR on their official website. Once registered, a taxpayer can then access the FBR’s online portal (Iris), where they can find the necessary forms for income tax returns.

Taxpayers need to compile relevant financial documents, including income statements, and receipts for deductible expenses. It is important to report all sources of income, such as salaries, business profits, income via rental properties and any additional sources of income.

Read more: FBR to bar non-filers from traveling outside the country

Filing taxes is important as it ensures compliance with legal requirements, helping to avoid penalties and legal repercussions. Tax revenue for a government is critical for funding pubic services, including education, medical facilities and infrastructure development.

A proper tax system helps create and encourage economic stability and growth.