The Federal Board of Income (FBR) introduced on Saturday that the final date for submission of revenue tax returns for the tax yr 2023 has been prolonged to October 31, 2023.
The nation’s high tax-collection physique additionally confused that no additional extensions could be given.
The choice to increase the deadline was made in response to requests from commerce our bodies and numerous tax bar associations, the income board mentioned.
“Because of the calls for from commerce our bodies and tax bar associations, the deadline for submitting revenue tax returns for Tax Yr 2023 has been prolonged to October 31, 2023,” the FBR formally conveyed this replace through social media platform X (previously Twitter) on Saturday.
“Nevertheless, it’s important to notice that no extra extensions will likely be offered, it concluded.
FBR officers reported that over 1.7 million people had already submitted their tax returns. In addition they mentioned that the quantity is anticipated to surpass the 2 million mark by September 30.
A few days in the past, the federal physique had made the choice to not lengthen the deadline for tax return submissions, which was initially set for September 30.
The tax slabs for yr 2022-23 accepted by the previous authorities are:
- For revenue under Rs600,000 per yr (Rs50,000 per 30 days) — no tax will likely be deducted
- These incomes Rs600,000 to Rs1.2 million per yr (Rs50,000 to Rs100,000 per 30 days) pays a tax of two.5% of the quantity exceeding Rs600,000
- On the revenue inside a spread of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per 30 days) pays Rs15,000 plus 12.5% of the quantity exceeding Rs1.2 million
- People incomes Rs2.4 million to Rs3.6 million a yr (Rs200,000 to Rs300,000 per 30 days) will likely be charged at Rs165,000 plus 20% of the quantity exceeding Rs2.4 million
- These incomes Rs3.6 million to Rs6 million a yr (Rs300,000 to Rs500,000 per 30 days) will likely be charged at Rs405,000 plus 25% of the quantity exceeding Rs3.6 million
- Folks with an annual revenue of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per 30 days) will likely be charged at Rs1.005 million plus 32.5% of the quantity exceeding Rs6 million
- Within the final slab, people incomes greater than Rs12 million (greater than 1,000,000 per 30 days) a yr will likely be charged at Rs2.955 million plus 35% of the quantity exceeding Rs12 million
The then-finance minister, Miftah Ismail — whereas saying the federal funds for the fiscal yr 2022-23 — revealed the FBR’s goal for the monetary yr is 9% — Rs7,004 billion.