Written by Akhter Syed in Taxation Taxpayers can request additional time under Section 119, but an extension does not change the statutory tax payment deadline. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that taxpayers may seek an extension for filing income tax returns and wealth statements under the prevailing law for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, Section 119 sets out the procedure for taxpayers seeking additional time to furnish returns and other documents for the tax year running from July 1, 2026, to June 30, 2027. Under Section 119, a person required to furnish an income tax return under Sections 114 or 117, or a wealth statement under Section 116, may submit a written application to the Commissioner seeking an extension of time. The application must be submitted by the original due date for filing the relevant return or statement. The Commissioner may grant an extension if satisfied that the taxpayer is unable to meet the deadline because of absence from Pakistan, sickness, misadventure or any other reasonable cause. Under the law, an extension granted by the Commissioner generally cannot exceed 15 days from the original due date, unless exceptional circumstances justify…