The Federal Board of Revenue (FBR) has denied any possibility of any further extension for the income tax returns filing deadline. FBR spokesperson Bakhtiar Muhammad confirmed that the last date for filing is October 14, 2024, and no further extensions will be granted.
To accommodate taxpayers, FBR offices and field formations will remain operational until midnight tonight. This extension aims to ensure that all individuals can file their returns on time.
As of September 30, 2024, approximately 3.66 million taxpayers had filed their tax returns. This number reflects the FBR’s ongoing efforts to encourage timely compliance among taxpayers.
Previously, the FBR had extended the deadline for filing income tax returns for the fiscal year 2024. This decision came after numerous requests from trade associations and tax bar associations. The extension granted was a response to technical issues that had caused the FBR’s IT system to become overloaded.
Read:Â US Deploys THAAD Missile Defence System to Israel After Iranian Missile Attack
Bakhtiar Muhammad clarified that the technical problems have been resolved. Therefore, no further extensions will be allowed beyond the October 14 deadline. He urged taxpayers not to wait until the last minute and to file their returns promptly.
The government’s focus on timely tax filing aims to foster a culture of tax compliance. This culture is essential for Pakistan’s economic stability and growth. By encouraging timely submissions, the FBR hopes to enhance revenue generation and improve public services.
The Consequences for Non-Filers
In addition to the deadline announcement, the FBR spokesperson highlighted the consequences for non-filers. After the deadline, SIM cards of individuals who have not filed their returns will be blocked. These individuals will also face restrictions on purchasing vehicles or plots.
During a recent meeting, the Federal Board of Revenue chairman received updates on tax collection for September. The meeting revealed that Rs 1,106 billion was collected through income tax returns, surpassing the target of Rs 1,098 billion. This achievement underscores the importance of compliance and the effectiveness of the FBR’s initiatives.
The FBR’s efforts to promote timely tax filings align with broader economic goals. By increasing tax compliance, the government aims to strengthen its financial position and fund essential public services. This initiative is crucial for maintaining economic stability and fostering growth in the country.
Taxpayers are encouraged to take advantage of the extended hours offered by the FBR today. Meeting the filing deadline is imperative for avoiding penalties and ensuring compliance with tax regulations.
The FBR emphasizes the importance of timely filing and compliance. The deadline for filing income tax returns is today, October 14, 2024, and no further extensions will be granted. Taxpayers must act swiftly to avoid negative consequences and contribute to the country’s economic development.
Follow us on Google News, Instagram, YouTube, Facebook,Whats App, and TikTok for latest updates
