The Federal Board of Revenue (FBR) has reiterated that the deadline for filing income tax returns for the financial year 2024 will not be extended beyond September 30. With only a few days left to meet the deadline, the FBR has urged citizens to comply with this legal requirement to avoid facing severe consequences.
As of now, approximately 1.425 million individuals have submitted their tax returns, but the FBR is pushing for more citizens to come forward and fulfill their tax obligations. The board has made it clear that individuals with an annual income exceeding Rs600,000, property or vehicle owners, and entrepreneurs earning above the specified threshold are required to file their income tax returns.
Failure to comply with the deadline may result in disconnection of mobile phone SIMs, electricity, or gas connections, and freezing of bank accounts. Additionally, legal action will be taken against those who ignore notices to file their tax returns. The FBR has also announced a daily penalty of 0.1% of the due tax amount, with a minimum fine of Rs1,000 for individuals and Rs50,000 for businesses and corporations.
The FBR has emphasized that individuals with foreign travel records, bank balances, or owners of properties, houses, or vehicles are required to submit their tax returns without fail. The board is urging all eligible taxpayers to submit their returns promptly to avoid penalties and legal complications.
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