Islamabad: The Federal Board of Revenue (FBR) has officially announced that September 30, 2024, will be the final deadline for submitting income tax returns for the financial year 2023-24. The announcement was made public on August 23, urging taxpayers to meet the deadline to avoid penalties and legal complications.
According to the FBR, failing to submit tax returns by the deadline could lead to significant consequences. The most immediate repercussion is a penalty of 0.1 percent of the outstanding tax amount. For individual filers, the minimum penalty imposed will be PKR 1,000, while for other categories, such as companies or associations of persons (AOPs), the penalty could be as high as PKR 50,000. These penalties underscore the importance of timely compliance with tax obligations to avoid unnecessary financial strain.
The FBR has issued a firm reminder that certain categories of individuals are legally required to file their income tax returns, regardless of their annual income. This includes individuals who frequently travel abroad, those with substantial bank balances, and those who own vehicles or property. The FBR aims to ensure that all eligible taxpayers fulfill their legal responsibilities and contribute to the national revenue.
This deadline marks a critical period for the country’s taxpayers as the FBR continues its efforts to improve tax collection and compliance across Pakistan. By establishing a clear cut-off date, the FBR seeks to streamline the tax filing process and encourage individuals and businesses to participate actively in the formal economy.
In recent years, the FBR has taken significant steps to increase awareness about the importance of filing income tax returns and the legal consequences of failing to do so. Through various campaigns, the FBR has emphasized the benefits of becoming a regular filer, which includes exemptions from certain withholding taxes and access to various government services and facilities. The board has also made improvements to its online tax filing system to make the process more user-friendly and efficient for taxpayers.
As the deadline approaches, the FBR urges all taxpayers to act promptly and file their returns without delay. Taxpayers can utilize the FBR’s online portal for electronic filing, making the process more convenient and accessible. For those who may encounter difficulties or require assistance, the FBR has set up helplines and support centers to guide individuals through the filing process.
The September 30 deadline serves as a crucial reminder for taxpayers to fulfill their legal obligations and avoid penalties. The FBR remains committed to ensuring compliance and transparency in the tax system while working towards strengthening Pakistan’s financial framework.
