The Federal Board of Revenue (FBR) has announced a crucial deadline for taxpayers in Pakistan. The deadline for filing income tax returns for the financial year 2023-24 is September 30. This means that individuals and businesses must submit their tax returns by this date to avoid legal action and penalties.
According to the FBR, those who fail to submit their tax returns by the deadline will face a penalty of 0.1% on the payable tax amount. Additionally, individual filers will have to pay a minimum penalty of Rs1,000, while other categories will have to pay Rs50,000. This is a significant increase from previous years, and taxpayers are advised to take notice of the new penalties.
The FBR has also clarified that certain individuals are required to file tax returns, regardless of their income level. These include:
- Those who travel abroad frequently
- Those who maintain bank balances
- Those who own a car or property
This means that even if you don’t have a significant income, you may still be required to file a tax return if you meet any of the above criteria.
The FBR has taken steps to make the tax filing process easier and more convenient. Taxpayers can now file their returns online through the FBR’s website, and support is available for those who need help with the process.
However, despite these efforts, many taxpayers in Pakistan still fail to file their returns on time. This can lead to penalties, legal action, and even prosecution. Therefore, it is essential that taxpayers take the September 30 deadline seriously and file their returns before the deadline.
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