The deadline for filing of income tax returns has been extended till October 31.

Federal Minister for Finance Ishaq Dar on Friday approved extension in the due date for filing of Income Tax Returns/Statements by Companies, salaried individuals, other individuals and AOPs, till October 31, 2017.

The minister approved the extension in view of requests made by tax bars and various trade and other associations due to Eid-ul-Azha and Muharram holidays, both falling in September.

It was felt that the taxpayers could not find ample time for filing their tax returns.

A recent study of the World Bank has found that Pakistan suffers an annual tax loss of Rs3.2 trillion due to weak enforcement and low compliance by taxpayers.