On Saturday, the Federal Board of Revenue (FBR) stated that the deadline for filing income tax returns for Tax Year 2023 has been extended for another month, to October 31, 2023.
In view of the demand of trade bodies and various tax bar associations, it has been decided that the date of filing of income tax return for Tax Year 2023 is extended to *31st October, 2023*. However, no further extension for filing of said return shall be granted.
— FBR (@FBRSpokesperson) September 30, 2023
FBR Took Decision on Request of Trade Organizations and Other Tax Bar Associations
However, the ruling follows appeals from trade organizations and other tax bar associations. According to an FBR notification published late Saturday, the federal tax-collecting office has emphasized that no additional extensions will be granted.
Similarly, in a statement posted on the social media platform X, formerly known as Twitter, the FBR said, “In light of the requests from trade bodies and various tax bar associations, we have decided to extend the deadline for filing income tax returns for Tax Year 2023 to October 31, 2023.”
“Nevertheless, it’s important to note that no additional extensions will be granted,” it added.
According to FBR officials, almost 1.7 million people have already filed their tax returns. Officials also predicted that the number would surpass two million by September 30.
FBR decides not to extend the date of filing of income tax returns.
— FBR (@FBRSpokesperson) September 28, 2023
However, the FBR declared four days earlier that it would not extend the deadline for filing tax returns, which was originally set for September 30.
Tax Slabs For Year 2022-23 Approved by the Former Govt.
- For income below Rs. 600,000 per year (Rs. 50,000 per month) — no tax will be deducted
- Those earning Rs. 600,000 to Rs. 1.2 million per year (Rs. 50,000 to Rs. 100,000 per month) will pay a tax of 2.5% of the amount exceeding Rs. 600,000
- On the income within a range of Rs. 1.2 million to Rs. 2.4 million (Rs. 100,000 to Rs. 200,000 per month) will pay Rs. 15,000 plus 12.5% of the amount exceeding Rs. 1.2 million
- Individuals earning Rs. 2.4 million to Rs. 3.6 million a year (Rs. 200,000 to Rs. 300,000 per month) will be charged at Rs. 165,000 plus 20% of the amount exceeding Rs. 2.4 million
- Those earning Rs. 3.6 million to Rs. 6 million a year (Rs. 300,000 to Rs. 500,000 per month) will be charged at Rs. 405,000 plus 25% of the amount exceeding Rs. 3.6 million
- People with an annual income of Rs. 6m to Rs. 12 million (Rs. 500,000 to Rs. 1,000,000 per month) will be charged at Rs. 1.005 million plus 32.5% of the amount exceeding Rs. 6 million
- In the last slab, individuals earning more than Rs. 12 million (more than Rs. 1,000,000 per month) will be charged at Rs. 2.955 million plus 35% of the amount exceeding Rs. 12 million.
When introducing the federal budget for the fiscal year 2022–2023, Miftah Ismail, who was the finance minister at the time, disclosed that the FBR’s target for the fiscal year is 9%, or Rs. 7,004 billion.
To read our blog on “FBR exceeds the Q1 tax collection target of FY 23-24,” click here.