Income tax return deadline ends, NBR says no further extension

The National Board of Revenue (NBR) has announced that the penalty-free period for filing income tax returns has ended, and no further extensions will be granted. 

Initially set for November, the deadline was extended by 2.5 months in three phases, finally expiring today.

NBR Chairman Abdur Rahman Khan confirmed the decision during a meeting at the NBR headquarters in the capital's Agargaon.

At the meeting, in response to a journalist's question, he said, "As of Saturday, less than 40 lakh returns had been filed."

This means two-thirds of the country's 1.2 crore Tax Identification Number (TIN) holders failed to submit their returns within the stipulated time.

Meanwhile, in a press release issued, the NBR clarified that tax returns can still be filed after the deadline and throughout the year, but certain benefits will no longer be applicable.

According to the release, tax rebates and exemptions on investments will not be available if a return is filed after Income Tax Day (16 February).

Additionally, an extra tax of 2% per month (up to a maximum of 24 months) will be imposed on any unpaid tax amount, the release read.

As per NBR data, last year, approximately 35 lakh tax returns were filed.