ISLAMABAD, Sept 30: Federal Board of Revenue (FBR) has extended the last date for filing of income tax returns up to Oct 31 to facilitate the taxpayers.

The one-month extension has been granted on representations received by the FBR from various chambers of commerce and industry, tax bar associations, trade bodies, advocates/income tax practitioners and taxpayers seeking extension in time for filing IT returns due to constraints faced because of Ramazan, aitkaf, performance of Umrah and temporary disruption suffered by the e-filing process.

The extension would help individuals, associations and the corporate sector to file their returns with convenience and ease.

The FBR has also extended the due date up to October 31, for availing of ‘Tax Arrears Settlement Scheme 2008’ introduced earlier.

Under the scheme, individuals, associations and companies against whom tax arrears including additional tax and penalties are outstanding, can settle their outstanding amount of income tax on payment of principal amount only.

No additional tax, penalty or fine would be levied in cases where returns are filed in the extended periods.

In another decision, the FBR has also extended up to October 10, the due date for submission of sales tax and federal excise returns and special returns for production and supplies for the tax period August, 2008, and annual sales tax returns for the period 2007-08.

The board, however, made it clear that payment of taxes for August 2008 had to be made by Sept 20 as already announced and no further extension would be given to those yet to deposit their taxes.