Islamabad: The Federal Board of Revenue (FBR) has reinforced its October 31, 2024 deadline for filing income tax returns, declaring that no further extensions will be granted. This comes after two prior extensions, with the last deadline set on October 14, 2024, at the request of trade organizations and tax bar associations.
As of today, over 5.01 million income tax returns have been submitted, bringing in more than Rs125 billion in revenue. This milestone demonstrates both an increased compliance rate and the urgency of the FBR’s call for timely filings. The FBR continues to encourage citizens to use the remaining days to file their returns, as those who miss the deadline will face significant penalties.
According to the FBR, individuals with a monthly income of Rs50,000 or more are required to file their income tax returns. Those failing to do so will be designated as non-filers or late filers, subject to fines and additional consequences. Non-filers will face restrictions on international travel, potential blocking of mobile phone SIM cards, and possible disconnection of electricity and gas services. Additionally, late filers will be subjected to double taxation on vehicle and property purchases.
The FBR has also emphasized the role of timely filings in broadening the tax base, explaining that accurate reporting and timely compliance are essential for increasing tax revenue and supporting Pakistan’s financial stability. The revenue collection of over Rs125 billion reflects the success of the FBR’s recent extensions and outreach efforts.
The filing period, initially set to close on September 30, 2024, was first extended to October 14 and later to October 31, under Section 214A of the Income Tax Ordinance 2001, providing taxpayers additional time. The FBR states that, with the filing period coming to a close, measures will begin November 1 to identify and penalize non-filers or late filers.
The FBR reminds taxpayers that compliance with tax laws is a legal obligation and calls on citizens to make use of the remaining days to avoid penalties and the possibility of service disruptions.
