The Federal Board of Revenue (FBR) has extended the deadline for filing deemed income details from property until December 31, 2022. This extension is applicable for taxpayers who have already filed their tax returns. This amendment was proposed via a draft form, which has now been updated with more details.
Previously, the FBR had advised taxpayers to submit these details along with their income tax returns through an SRO numbered 1891(I)/2022. However, many taxpayers faced difficulties in submitting these details. In response, the FBR decided to extend the deadline to make it easier for taxpayers to comply with the requirements.
The updated form of Annex 7E now includes more types of properties such as Agriculture Property, Commercial Property, Industrial Property, Educational Property, Residential Property, Health Property, Natural Property, Public Property, Religious Property, and Mix Use Property. However, some of these property types are not even owned by individual owners, and their inclusion has made the form more complicated for taxpayers.
In addition to the property type, the form requires taxpayers to provide details such as the town area, tehsil, and year of acquisition. These requirements have also created confusion for taxpayers and increased the likelihood of receiving tax notices.
Taxpayers can now file their deemed income returns separately, making the process simpler and more streamlined. The new deadline extension provides relief to those taxpayers who were facing difficulties in submitting their deemed income details.
It is important to note that the FBR’s decision to extend the deadline will not impact the filing of regular income tax returns. Taxpayers are still required to file their returns by the due date to avoid any penalties.
In conclusion, the FBR’s decision to extend the deadline for filing deemed income details provides much-needed relief to taxpayers. However, the inclusion of new property types in the form and the additional requirements for providing details have made the process more complicated. Taxpayers must ensure that they comply with these requirements to avoid any legal issues or tax notices.