RECORDER REPORT

ISLAMABAD: The Pakistan Tax Advisors Association (PTAA) has asked Chairman of Federal Board of Revenue (FBR) Tariq Bajwa to extend the last date for filing of income tax returns for tax year 2014 by companies beyond deadline of December 31, 2014.

According to a letter of Javed Iqbal Qazi, Chairman, Pakistan Tax Advisors Association, to the Chairman FBR and Shahid Hussain Asad, Senior Member (IR Policy) FBR issued on Saturday, top tax practitioners have explained practical difficulties faced by them during filing of corporate returns particularly ongoing audit exercise.

Javed Iqbal Qazi said that it was submitted that the last date of filing of Income Tax Returns for individuals & Association of Persons expired on 05.01.2014 and tax practitioners had to seek extensions in all those cases in which the taxpayers did not provide their complete particulars due to one reason or the other. As such the tax practitioners had to work round the clock to file returns of individuals and AOP's by 30-12-2014.

As per law the last date for filing of Tax Returns in respect of the Limited Companies is December 31, 2014. The tax practitioners are working hard for the preparation of returns in respect of companies but since audit job is also involved, therefore, the target so set under the law may not be met by the aforesaid date.

From the practical reasons being one of the stakeholders we strongly recommend that the date of filing of returns be extended to 31-01-2015 so that the tax practitioners may get sufficient time to file the Returns of Companies after completion of audit jobs by the Chartered Accountants/firms.

An early action in the matter will be highly appreciated, Javed Iqbal Qazi added.