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ISLAMABAD: The Federal Board of Revenue (FBR) has reaffirmed its stance on the deadline for filing income tax returns, stating that it will not be extended beyond October 31, 2024.
This decision comes after two previous extensions, with the last one granted on October 14, 2024, in response to requests from trade organizations and tax bar associations.
As of the current date, over 5.01 million income tax returns have been successfully submitted, generating a substantial revenue of more than Rs125 billion. The FBR encourages citizens to take advantage of the remaining time to file their returns and avoid any potential penalties.
According to the FBR, individuals earning a monthly income of Rs50,000 or more are required to submit their income tax returns. Failure to comply with this requirement will result in classification as non-filers or late filers, attracting penalties and consequences.
The FBR emphasizes the importance of accurate and timely filing of tax returns, highlighting the critical role it plays in broadening the tax base and increasing revenue collection.
Non-filers will face severe consequences, including restrictions on international travel, blocked mobile phone SIM cards, and potential disconnection of electricity and gas services.
Furthermore, late filers will be subjected to double taxation on vehicle and property purchases. The FBR has directed citizens to file their tax returns until midnight on October 31, 2024. Starting November 1, 2024, the FBR will identify late filers or non-filers and initiate necessary actions.
The FBR had previously extended the deadline for filing income tax returns for the fiscal year 2024 from September 30 to October 14, 2024, and subsequently to October 31, 2024. These extensions were granted under Section 214A of the Income Tax Ordinance 2001, allowing taxpayers additional time to file their returns.
The current revenue collection of over Rs125 billion demonstrates the effectiveness of the tax filing process. The FBR aims to increase tax revenue and broaden the tax base, and timely filing of tax returns is crucial to achieving this goal. Taxpayers are reminded of their obligation to file accurate and timely returns, and failure to comply will result in penalties and consequences.
In conclusion, the FBR urges citizens to take advantage of the remaining time to file their income tax returns and avoid penalties. With the deadline fast approaching, taxpayers are advised to prioritize their tax obligations and ensure compliance with the regulatory requirements.
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