MULTAN: The country’s business community of southern Punjab has urged the Federal Board of Revenue (FBR) to extend the date for payment of income tax (withholding tax) returns.
Under the Income Tax Rules 2002, tax collected or deducted by a person is required to be deposited into the government treasury within seven days from the end of each week. It has been pointed out that tax deducted or collected for the period from September 05 to 10, 2016, is required to be deposited latest by 16 of this month.
Since the federal government has announced holidays on account of Eid-ul-Azha from September 12 to 14, it would leave only two working days for taxpayers to collect the withholding tax data, prepare requisite documents and deposit the tax into the government treasury.
