Edge Consultants - EC

Extension in date of filing of Income Tax Returns for 2025!

Tax Return filing date extended up to 31st October 2024!

Extension in filing of tax returns for the year 2024! Contact Edge Consultants today.

𝗕𝗶𝗴 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗖𝗼𝗺𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲 𝗔𝗰𝘁𝗶𝘃𝗲 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿 𝗟𝗶𝘀𝘁 (𝗔𝗧𝗟)!

FBR has proposed amendments to make the Active Taxpayer List (ATL) more dynamic and user-friendly. Following are the key implications:

𝗜𝗺𝗺𝗲𝗱𝗶𝗮𝘁𝗲 𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻: Previously, the ATL was updated for a tax year on March 1 for the following year, which caused confusion. This meant that you’d have to wait until the next year to become an active taxpayer, or file returns for two years to get onto the list. But now, the ATL will be updated right after the deadline, allowing you to become active without the long wait.

𝗗𝗮𝗶𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲𝘀: No more waiting until Sunday for ATL list updates. ATL will now update daily, keeping your status current specially in case of banks' systems.

𝗟𝗮𝘁𝗲 𝗙𝗶𝗹𝗲𝗿𝘀 𝗖𝗮𝗻 𝗦𝘁𝗶𝗹𝗹 𝗝𝗼𝗶𝗻: If you missed the tax return deadline but still want to be part of the ATL, you can file late with a small surcharge and become an active taxpayer immediately. However, your name will be listed as late filer, which may result in increased withholding taxes in case of property transactions.

𝗡𝗲𝘄 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀-𝗙𝗿𝗶𝗲𝗻𝗱𝗹𝘆: Newly registered businesses will also be included in the ATL, since their filing deadline hasn’t arrived yet.

𝗜𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗶𝘁𝘆 𝗳𝗼𝗿 𝗔𝗝𝗞 𝗮𝗻𝗱 𝗚𝗕: Tax filers from Azad Jammu & Kashmir and Gilgit-Baltistan will also be included in the ATL if their addresses match the region.

These changes will reduce confusion, save time, and ensure a smoother tax filing process. Stay active, file your taxes, and enjoy the benefits of being on the ATL without delay!