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November 9, 2018

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Corporate tax return form demanded

Corporate tax return form demanded

KARACHI: Tax practitioners on Thursday urged the Federal Board of Revenue (FBR) to issue income tax return form for companies as corporate units having special tax year are required to file their returns on November 30.

The FBR issued draft of corporate income tax return form for tax year 2018 through a statutory regulatory order (SRO 1091(I)/2018).

However, the revenue body has so far failed to notify the final return form for corporate entities.

Under a law, the corporate entities having financial year ending on or before December 31 are required to file their annual income tax returns by September 30 every year.

The FBR has already extended the last date for filing income tax returns for such taxpayers up to November 30 from the last date of September 30.

The tax practitioners said ninety days are provided for filing of income tax return for companies falling under special tax year and 183 days for the filing of income tax returns of the other companies having closing of financial year, ending between January 31 or June 30.

The FBR is required to issue income tax form on July 1 of every year. The tax practitioners said it would be difficult to meet the deadline in such a scenario.

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