Simplified Returns for Small Manufacturers being issued 90 Days too Late
MG News | December 09, 2020 at 05:48 PM GMT+05:00
December 09, 2020: The Federal Board of Revenue (FBR) has notified Simplified Return for Small Manufacturers (having turnover up to 50 million rupees) on December 09, 2020 via Notification No. 1316(I)/2020.
Interestingly the deadline for filing of return for the Tax Year 2020 has already been expired yesterday i.e. on December 08, 2020 which has not been extended by the FBR despite scores of requests from Business and Tax Fraternity.
It is also interesting that the Notification dated December 09, 2020 sans the deadline for filing of return as required U/s. 118 of the Income Tax Ordinance, 2001.
Though this simplified return notified today is issued for the facilitation of the taxpayers, yet the same is issued after the expiry of the deadline of filing of returns and it is therefore not understood as to how taxpayers will be able to use this simplified return after expiry of the deadline.
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