ISLAMABAD: The Federal Board of Revenue (FBR) has announced that the deadline for filing income tax returns for the financial year 2024 is set for September 30.
It said that so far, approximately 1.425 million individuals have submitted their tax returns, but the FBR is urging more citizens to comply with this legal requirement before the deadline.
The FBR has made it clear that the deadline will not be extended, and individuals who fail to submit their returns by September 30 may face serious consequences.
According to the FBR, individuals with an annual income exceeding Rs600,000, as well as property or vehicle owners, are required to file their income tax returns. Entrepreneurs earning above the specified threshold are also obligated to submit their returns.
FBR officials stated that the non-filers who do not comply may face the disconnection of their mobile phone SIMs, electricity, or gas connections. Additionally, the FBR has the authority to freeze bank accounts after issuing a warning to non-filers. Legal action will also be taken against those who ignore notices to file their tax returns.
Earlier, the FBR had announced that those who default on their tax obligations will face a daily penalty of 0.1% of the due tax amount. The minimum fine for individuals is set at Rs1,000, while other categories, such as businesses and corporations, may face a minimum penalty of Rs50,000.
The FBR also clarified that those with foreign travel records, bank balances, owners of properties, houses, or vehicles are required to submit their tax returns without fail. Failure to comply with these requirements will result in severe penalties.
The FBR is urging all eligible taxpayers to submit their returns promptly to avoid penalties and legal complications.
