Deadline extension sought


Deadline extension sought KARACHI: The Karachi Tax Bar Association (KTBA) urged the Federal Board of Revenue (FBR) on Monday to extend the deadline for filing income tax returns by another month from September 30 to October 30, 2016.

The KTBA came up with a long list of issues facing taxpayers and consultants in e-filing of tax returns and statements.

The tax bar pointed out that the Integrated Risk Information System (IRIS) is not working properly and creating problems in preparing tax returns and statements.

The deductible allowance on account of “Profit on Debt” under section 64A of the Income Tax Ordinance, 2001 at Code No.9007 is not being correctly calculated against Code No.9009 under the section head “Computation.”


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