ISLAMABAD : Federal Board of Revenue (FBR) has extended the last date for filing of income tax returns up to October 31 to facilitate the taxpayers. The one-month extension has been granted following representations received by the FBR from various chambers of commerce & industry, tax bar associations, trade bodies, advocates/income tax practitioners and taxpayers seeking extension of time for filing their IT returns due to constraints faced because of the holy month of Ramazan, Aitkaf, performance of Umrah and the temporary disruption suffered by the e-filing process.

The extension would help individuals, associations of persons and the corporate sector to file their returns with convenience and ease. Meanwhile, the FBR has also extended the due date up to October 31, 2008 for availing of ‘Tax Arrears Settlement Scheme 2008’ (TASIS) introduced earlier vides Circular No.4 of 2008.

Under the scheme, individuals, associations of persons and companies against whom tax arrears including additional tax and penalties are outstanding, can settle their outstanding amount of income tax on payment of principal amount only. No additional tax, penalty or fine would be levied in cases where returns are filed in the extended periods.

In another decision, the FBR has also extended up to October 10, 2008 the due date for submission of sales tax and federal excise return and special return for production and supplies, for the tax period August, 2008, and annual sales tax return for the period 2007-08. The board, however, made it clear the payment of taxes for August 2008 had to be made by September 20 as already announced and no further extension would be given to those yet to deposit their taxes. -SANA

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