Tax Return Filing
ISLAMABAD: After extensive discussions, the Federal Board of Revenue (FBR) has officially extended the deadline for filing income tax returns for the financial year 2024, now set for October 14.
The announcement was made late Monday, allowing taxpayers additional time beyond the initial September 30 deadline.
The FBR’s notification stated, “In exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of Income Tax return for the Tax Year (TY) 2024, for the persons who are required to file their returns by September 30, 2024 is hereby extended up to October 14th, 2024 in view of the requests from various trade bodies, Tax Bar Associations, and the general public.”
The decision came after hours of uncertainty, as earlier in the day, the FBR had dismissed any possibility of extending the September 30 deadline.
In fact, the tax-collecting body had refuted media reports suggesting a possible extension, calling them “untrue.”
However, after receiving mounting pressure from various business communities and tax-related organizations, the FBR reversed its stance, granting an additional 15 days for filing tax returns.
Despite the extension, the FBR urged taxpayers to file their returns without delay to avoid penalties or potential legal actions. “All taxpayers are urged to file their income tax returns immediately to avoid penalties and legal action,” the notification reiterated.
In recent years, the FBR has made it a common practice to extend the tax return deadline, typically in response to requests from stakeholders.
In 2023, the authority granted an extension until October 31 for tax filings, a move similar to this year’s delay.
This year’s tax filings are seen as crucial, especially in light of the taxation plan set out by Prime Minister Shehbaz Sharif’s government in its June 2024 budget.
The budget introduced several tax-heavy measures aimed at boosting revenue collection to meet the International Monetary Fund’s (IMF) conditions, as Pakistan seeks to secure a new bailout package to stabilize its economy.
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