FBR has been issuing several warnings to individuals and companies that it may not enhance the time limit this time.
The last date to file your tax returns is 8 December and you better do it. The Federal Board of Revenue has time and again said it does not plan to enhance the time limit. The last date for filing of tax returns is 30 September of every year. However, as a precedent, FBR always extends this date to support the citizens in filing their income tax returns.
Yet, traditionally, the citizens file their returns by the end of year. Thus, this extension is a usual matter as FBR is just extending the filing date.
However, FBR is telling citizens that it may not enhance the time limit after 8 December. FBR is also hinting at putting fines and using all legal tools to bring the citizens into the tax net. So, it is imperative that those who are not filing their tax returns should do it.
FBR has recently told the public that it has all the data of citizens with regards to their travel, banking transactions and other personal data. Thus, the government knows what you earn and where do you spend. So, technically, it would be foolish not file your tax returns and gain all the benefits of a filer citizen.
Last year, FBR did extend the filing date twice. The last filing date was 31 December 2019 during the last year. However, it seems that FBR is in no mood to extend the filing date this year as it wants the citizens to be more disciplined in returning their tax filing every year.
Whatever the decision, it is better to file your tax returns on time!