MULTAN: Multan Chambers of Commerce and Industry (MCCI) demanded the tax authorities to extend the last date for filing income tax returns for tax year 2020-21.
According to details, President MCCI Khawaja Salahuddin said that the date should be extended to facilitate the taxpayers considering spread of coronavirus. The MCCI, which is representative of all Multan Business Community has taken up the matter with the FBR for extension in time for filing of income tax returns for tax year 2020.“All these written as well as verbal requests are revolving around a single point issue i.e. late finalization and publication of income tax return for tax year 2020 in respect of non-corporate/corporate cases of individual, AOPs and certain companies, which have special year.”
He said that the FBR finalize form of income tax return for non-corporate / corporate of individual, AOPs and certain companies having special year including wealth statement and wealth reconciliation statement through FBR notification SRO 822(I)/2020. Moreover, a simplified return of income for retailers/traders has also been introduced through SRO 855(I)/2020.
He said that the time and date for filing of income tax return along with wealth statement and wealth reconciliation statement by every individual/AOP, is 90 days from the end of financial year i.e. September 30 every year as envisaged under sub-section (2) and (3) of Section 118 of the Income Tax Ordinance, 2001 read with rule 34 of the Income Tax Rules, 2002.
The last date for filing income tax returns for tax year was expired on December 08, 2020. Many taxpayers were unable to meet the deadline and are now receiving notices from the Federal Board of Revenue (FBR) to file their returns along with fine and penalty.
Further, the FBR notices also contain warning of prosecution in case the returns are not filed along with fine and penalty.
