Written by Akhter Syed in Taxation Taxpayers must meet prescribed deadlines and filing requirements for income tax returns, wealth statements and foreign assets declarations. ISLAMABAD: The Federal Board of Revenue (FBR) has clarified the procedures and deadlines for furnishing income tax returns, wealth statements and foreign income and assets statements for Tax Year 2027. According to the Income Tax Ordinance, 2001, updated up to June 30, 2026, the requirements apply to Tax Year 2027, covering the period from July 1, 2026, to June 30, 2027. Under Section 118 of the ordinance, taxpayers are required to furnish income tax returns under Section 114, wealth statements under Section 116 and, where applicable, foreign income and assets statements under Section 116A in the prescribed manner. Filing deadlines for companies For companies, the deadline for filing income tax returns depends on the applicable tax year. Companies whose tax year ends between January 1 and June 30 must furnish their returns by December 31 following the end of the relevant tax year. In other cases, companies are required to file their returns by September 30 following the end of the tax year. Electronic filing requirements The law requires individuals with salary income of Rs500,000 or more to file their income tax returns electronically in the prescribed form. Such returns must be accompanied by proof of tax deduction or…