ISLAMABAD: The Federal Board of Revenue (FBR) has further extended the deadline, for individuals and companies, to file income tax returns for Tax Year 2019 up to December 16.

The earlier deadline has expired on November 30 (today).

“The date of filing of total income/ statements of final taxation for companies for the Tax Year 2019, which were due on September 30 and extended upto November 30, in respect of those companies who have paid 95 percent of the admitted tax liability on or before Oct 30, is hereby further extended up to December 16,” read the circular issued by the FBR.

There are several benefits of filing tax returns which include lowering of taxes on bank transactions and buying property or cars. You also get tax refunds.

Also Read: Tax payers to provide expenditures’ detail in tax returns: FBR

The tax returns can be filed through online system called IRIS, www.iris.fbr.gov.pk.

On Nov 28, Chairman FBR Syed Shabbar Zaidi had directed to publish customs valuation rulings on FBR website for easy access to the general public.

According to a Press Release, the instructions had been issued to further promote transparency and ease of doing business.

The chairman had also requested the business community to assist FBR in identifying cases of under-valuation so that remedial action should be taken.

On Sept 19, the FBR had launched Second Edition of IRIS portal ‘Maloomat.’

In a tweet, FBR Chairman Shabbar Zaidi had said the information contained was indicative. He had said the purpose was to disseminate the data already available with the FBR.

“People should see and visit the portal for accuracy of return to be filed by September 30, 2019,” he had said.

On Sept 3, the FBR had asked tax payers to provide all required information about their expenditures in tax returns.

In a statement, the FBR spokesman had asked tax filers to fill details about water expenditures in the column bearing water code number 7059.

The government has repudiated the report published on a local newspaper website about the Federal Board of Revenue (FBR)’s allegedly missing August revenue collection target by Rs50bn.