The Federal Board of Revenue (FBR) on Saturday announced extension in the deadline for filing income tax returns for the Tax Year 2023 to October 31.
To file tax returns in this given grace period, you can follow this link to find a complete guide.
Although the FBR has given a grace period to file tax returns, if you are curious about how to file income tax returns after the deadline, this article is for you.
Here is a quick guide on how to file your income tax returns online and ask for an extension:
Step 1: Access your IRIS account.
To get started, sign in to your IRIS account, which serves as the FBR’s online hub for tax-related business.
Step 2: Send the commissioner a request
Send a request to the appropriate commissioner for an extension to file your return, explaining why you need an extension. Individuals and businesses frequently receive a 15-day extension.
Step 3: Start the filing process
Continue filling your income tax return once you’ve submitted your request for an extension. Make sure you finish the “Wealth Statement” form, which contains information on your assets and liabilities, as well as the “Return of Income” form.
On the Knowledge Base portal, you can access textual and video step-by-step instructions for preparing your income tax return and wealth statement.
WEALTH STATEMENT RECONCILIATION
Ensure that your wealth has increased or dropped by the same amount as your income has surpassed or fallen short of your expenses for the current year in order to correctly submit your wealth statement.
You could be unable to file your income tax return if you don’t reconcile the wealth statement.
SALARIED INDIVIDUALS
It is now simpler for salaried individuals to file their income tax returns. You can utilise the Declaration Form 114(I) made available for employees.
For those whose income is mostly from salary and other sources, with salary making up more than 50% of their total income, this form makes the process simpler.
Taxpayers can file their income tax returns with more confidence and convenience thanks to these streamlined steps and the potential for a grace period extension.
Keep an eye out for information regarding the deadline extension in the FBR’s official statements.
