LAHORE – Pakistan Tax Community Association on Monday wrote a letter to the prime minister and demanded further extension in the deadline of the Income Tax returns.

Malik Muhammad Ali Awan, the General Secretary of Pakistan Tax Community Association, wrote the letter.

Awan wrote that this is with reference to the recurring system generated text messages to the taxpayer’s by the FBR. “Dear taxpayer, please file your income tax return for FY-2024 at the earliest. The last date to file return is September 30, 2024, which will not be extended”.

He also wrote, “It is brought to your kind attention that with the advent of rapid changes in fiscal laws and especially in Income Tax Laws the filing of income tax returns is to be minutely calculated when there is apprehension of levying of penalty on wrong declaration and penal actions on account of miss-statements.

He said that furthermore the distribution of categories of being filer, late filer and non-filer the FBR authority recommended the government to impose a fine of Rs1 million for incorrect/incomplete tax returns causing huge inconvenience to the Tax Communities all over the country and the major sufferer will be the taxpayer who has every right under the constitution to get fair trial and due process of law is to be followed as per past precedents.

Awan wrote that the prime minister, being the constitutional head of the Government and being vested with the executive powers, is being addressed through this letter on behalf of the Chartered Accountants, tax PR actioners, lawyers, consultants, advisors under the umbrella of “Pakistan Tax Community Association” as certain errors have been witnessed during the filing of income tax returns through “IRIS” and the system glitch resulting in miscalculations and frequent breakdowns during filing of Tax Returns for the current fiscal year.

FBR, he said, had time and again over the years extended the time period of filing of the income tax returns and the recent example is past year when the return date was extended to October 31st.

Awan also said that FBR and Pakistan Revenue Automation Limited (PRAL) are responsible for missing critical deadlines related to the issuance of return forms, as stipulated in Rule 34A(2)(e), (3), and (4). Final return forms, which should have been notified by January 31, 2024, were only issued on July 4, 2024. These forms were subsequently uploaded to the IRIS system by PRAL.

The FBR, he said proposed drastic measures to avoid a possible shortfall in tax collection including freezing bank accounts and imposing a ban on the purchase of property and vehicles for tax evaders.

The general secretary said that in the wake of not extending the deadline there is probability of filing of return being nil filer in order to become “filers” and FBR has also proposed that “nil filers” would have to face severe action including freezing of their bank accounts and a ban on the purchase of properties or vehicles with an immediate effect. Whereas, those evading payment of tax amounts ranging from Rs0.5 million to Rs1 million will face disconnection of electricity and gas connections. It is to be noted that previously, the tax collection body also ordered the disconnection of mobile phones of 0.5 million non-filers, besides outsourcing audits of high net worth individuals.

In the light of above circumstances and the prevailing conditions faced by the Potential Taxpayers, he requested the prime minister to extend the date of filing of income tax return till 30th of November 2024 in the best interest of justice.

Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.

KARACHI – Solar panel prices in Pakistan plunged again to drop to new low for different reasons including abundance supply.

Reports said per watt prices of solar panel plates have decreased to Rs28 amid anticipation of further decline in local market of Karachi.

Earlier, Federal Minister for Energy Awais Leghari shared that 8,000 megawatts of solar panels were imported into Pakistan in just one year.

Due to huge potential in Pakistani market, some local and international companies are planning to establish solar inverter manufacturing plant in the South Asian country. If implemented, it would save precious foreign exchange of Pakistan.

These reductions in prices vary from market to market, as prices in Lahore and other cities are different as compared to other cities.

For the unversed, the prices are for on-grid systems, which connect to the national grid. Those opting for hybrid systems with battery storage will face additional costs for the batteries. The fresh cut in solar panel costs is said to boost solar acceptance in the country as prices of utility bills are touching the roof despite drop.

Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.