According to the Income Tax Division proposal, taxpayers who file returns earlier will get tax exemption, while those who file later will face additional costs. Under the proposal, taxpayers filing returns during the first quarter (July-September) of the financial year can get a rebate of up to 5 percent on the tax payable. Those who […]
Also, taxpayers who file after the prescribed deadline will not be eligible for tax exemption. The government currently provides tax relief for investment in nine specified sectors. However, taxpayers filing after the deadline will not be entitled to these benefits. Investment-related tax exemption rules allow taxpayers to claim the lesser of the following three amounts: […]
The National Board of Revenue (NBR) today, Thursday, extended the deadline for submission of income tax returns by individual taxpayers for the 2025-2026 tax year to March 31, 2026. According to an official order of the NBR, the decision was taken in public interest under the powers conferred by Section 334 of the Income Tax […]