The Federal Board of Revenue (FBR) has come to the aid of taxpayers facing difficulties in filing their income tax returns within the initial deadline. While speculation circulates about a possible one-month extension, the official word from the FBR remains unchanged – the deadline is until September 30th. So far, 1.7 million taxpayers have successfully filed their returns, and the FBR expects this number to climb to 2 million by the end of September.
To assist taxpayers navigating the online filing process, the FBR has hinted at a potential extension, with an official announcement expected imminently. Tax consultants suggest that individuals and companies can request a 15-day extension by submitting appeals to the relevant commissioners.
Here’s a step-by-step guide on how to request an extension and file your income tax returns online after the deadline:
Step 1: Access Your Iris Account Commence the process by logging into your Iris account, the FBR’s dedicated online portal for all tax-related transactions.
Step 2: Request an Extension Submit a request for an extension to the appropriate commissioner. In your request, clarify the reasons necessitating an extension to file your return after the deadline. Typically, both individuals and companies are granted a 15-day extension.
Step 3: Initiate the Filing Process Once your extension request is submitted, proceed with the actual filing of your income tax return. Make sure to complete two crucial forms: the “Return of Income” form and the “Wealth Statement” form, which furnishes details about your assets and liabilities.
Crucial Note: Reconciliation of ‘Wealth Statement’ To ensure a successful submission of your Wealth Statement, it is vital to confirm that your current year’s wealth has either increased or decreased by an amount equivalent to your income exceeding or falling short of your expenses. Failure to reconcile the wealth statement may impede the submission of your Income Tax Return.
For Salaried Individuals Salaried individuals can take advantage of a simplified process for filing their Income Tax Return. They can utilize the Declaration Form 114(I), specifically tailored for individuals whose income predominantly stems from salary and other sources, with salary accounting for more than 50% of their total income.
As the FBR considers a possible extension, this guide provides taxpayers with a clear roadmap to successfully file their income tax returns online. Stay tuned for official FBR announcements regarding the deadline extension, and remember, timely submission of your tax returns is crucial to avoid fines and penalties.
