SIALKOT: The Sialkot Tax Bar Association (STBA) has asked the Federal Board of Revenue (FBR) to extend the date of filling of income tax returns and statements.
President STBA Choudhary Abdul Qayyum stated that all the returns, irrespective of limit of income are required to wealth statements and every taxpayer showing business income from any source and irrespective of quantum of income is have to prepare balance sheet.
He said collecting information, details and documents for preparing wealth statement and balance sheet is a difficult job and consumes much time of a tax practitioner he maintained. Furthermore, all the tax practitioners are also busy with filling of withholding statements, which could not have been filed due to technical faults. Furthermore, tax practitioners are also pre-occupied with, apart from routine proceedings, for conducting the audit proceedings of the cases selected for audit for income tax, sales tax and federal excise duty which also require much time and attention he said. He argued that the business community, expecting some sort of incentive scheme from the FBR . He said that due to these difficulties, it is strongly suggested that the date for filing returns and wealth statements be extended for the purpose of proper compliance of the matter he said.
