LAHORE: As the deadline approaches, today marks the last day for filing income tax returns for the year 2024.
According to recent reports, the total number of submissions has surpassed five million, with 5,025,789 individuals having submitted their returns by October 30.
This year’s figures show a significant increase in filers, up by 2,310,604 compared to last year. Notably, 1,938,615 individuals have declared zero taxable income, representing 38% of the total filers. In the same period last year, 2,715,185 returns were collected, highlighting an impressive growth rate.
Since July 2023, 1,864,566 new individuals have registered as filers, while an additional 602,351 have joined since July 2024. Overall, the total number of tax returns has seen an 85% increase compared to the previous year.
In response to the rising number of submissions, the government has announced plans to audit the income and expenditures of non-filers to ensure compliance. As the deadline looms, taxpayers are urged to complete their filings promptly to avoid penalties.
