As the last date for filing the income tax returns closes in, the Federal Board of Revenue (FBR) has decided not to extend the deadline for the facilitation of the tax filers.
The FBR is collecting income tax returns from salaried business individuals and associations of persons (AOPs) and the last date to submit the tax returns is September 30, 2023.
With just two days left in the deadline, the country’s top tax collection body announced on Thursday that there will be no extension in it.
“The last date for the submission of tax returns remains September 30,” the country’s top tax collection body said.
However, an exception can be made for those who submit a request for an extension in advance and a 15-day period can be given to the petitioner for the submission of tax returns.
The FBR also said that over 1.7 million filers have submitted their tax returns so far and the number is likely to exceed 2 million by the last date.
The tax slabs for year 2022-23 approved by the former government are:
- For income below Rs600,000 per year (Rs50,000 per month) — no tax will be deducted
- Those earning Rs600,000 to Rs1.2 million per year (Rs50,000 to Rs100,000 per month) will pay a tax of 2.5% of the amount exceeding Rs600,000
- On the income within a range of Rs1.2 million to Rs2.4 million (Rs100,000 to Rs200,000 per month) will pay Rs15,000 plus 12.5% of the amount exceeding Rs1.2 million
- Individuals earning Rs2.4 million to Rs3.6 million a year (Rs200,000 to Rs300,000 per month) will be charged at Rs165,000 plus 20% of the amount exceeding Rs2.4 million
- Those earning Rs3.6 million to Rs6 million a year (Rs300,000 to Rs500,000 per month) will be charged at Rs405,000 plus 25% of the amount exceeding Rs3.6 million
- People with an annual income of Rs6m to Rs12 million (Rs500,000 to 1,000,000 per month) will be charged at Rs1.005 million plus 32.5% of the amount exceeding Rs6 million
- In the last slab, individuals earning more than Rs12 million (more than 1,000,000 per month) a year will be charged at Rs2.955 million plus 35% of the amount exceeding Rs12 million
The then-finance minister, Miftah Ismail — while announcing the federal budget for the fiscal year 2022-23 — revealed the FBR’s target for the financial year is 9% — Rs7,004 billion.
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