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Read more about the article FBR Expected to Extend Deadline for Income Tax Return Filing
**FBR Expected to Extend Deadline for Income Tax Return Filing** The Federal Board of Revenue (FBR) is likely to grant an extension of one month for the deadline to file income tax returns. According to a confidential source, the current deadline for filing income tax returns, which is set for September 30, may be extended to October 31. The formal announcement of this extension is expected to be made through an income tax circular issued by the FBR in the coming 1-2 days. The new IRIS module 2.0, designed for this purpose, has reportedly been plagued with issues such as calculation errors, difficulties in saving data, unresponsive buttons, and frequent glitches. These technical challenges not only hamper the efficiency of the filing process but also increase the risk of errors and inaccuracies in the submitted data. Some of the errors in IRIS 2.0 include miscalculations of turnover tax at 1.50% instead of the correct 1.25% for eligible manufacturers and inaccuracies in zero-tax calculations for certain property sales. The module has also caused problems for non-resident taxpayers and has exhibited data issues in tax deductions. These issues highlight the urgent need for improvements, particularly in the outdated system for generating withholding income tax challans. These challenges have had a significant impact on the timely and efficient submission of return forms by both taxpayers and tax consultants.
Business

FBR Expected to Extend Deadline for Income Tax Return Filing

FBR Expected to Extend Deadline for Income Tax Return Filing According to a confidential source, the current deadline for filing income tax returns, which is set for September 30, may…

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September 30, 2023
Read more about the article COAS Reiterates Commitment to Combat Illegal Activities and Economic Losses in Pakistan
COAS Reiterates Commitment to Combat Illegal Activities and Economic Losses in Pakistan Chief of Army Staff (COAS) General Syed Asim Munir has reaffirmed Pakistan's determination to combat a range of illegal activities that contribute to significant economic losses in the country. General Munir made these remarks during a meeting of the Provincial Apex Committee held in Lahore. Caretaker Chief Minister of Punjab, Mohsin Naqvi, also attended the meeting. The COAS received a briefing on the overall security situation, which included law enforcement efforts to combat electricity and gas theft, hoarding, and foreign currency smuggling, as reported by the Inter Services Public Relations (ISPR). The forum also discussed measures taken to safeguard the rights of minorities and assessed the progress of operations in the Kacha area. Additionally, the repatriation of illegal foreign nationals was reviewed. General Munir emphasized, "Law enforcement actions against a spectrum of illegal activities will continue vigorously in collaboration with law enforcement agencies and relevant government departments. This is aimed at curbing substantial economic losses incurred due to various pilferage methods." The meeting also covered the progress of the Special Investment Facilitation Council (SIFC) and Green Punjab initiatives. The COAS stressed the importance of synergy among all relevant departments to maximize the positive impact of these landmark initiatives. Participants at the meeting reaffirmed their commitment to the progress and prosperity of the province, emphasizing unity among state institutions, government departments, and the people.
Business

COAS Reiterates Commitment to Combat Illegal Activities and Economic Losses in Pakistan

Chief of Army Staff (COAS) General Syed Asim Munir has reaffirmed Pakistan's determination to combat a range of illegal activities that contribute to significant economic losses in the country.General Munir…

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September 30, 2023
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