The Federal Board of Revenue (FBR) has set September 30 as the final deadline for filing income tax returns for 2024, with no extensions planned. The FBR has issued a stern warning that those who fail to meet this deadline will face legal consequences.
In a statement, the FBR outlined that a daily penalty of 0.1% of the outstanding tax amount will be imposed on defaulters. The minimum penalty for individuals is PKR 1,000, while for other categories, it is set at PKR 50,000.
The FBR also emphasized that it is mandatory for individuals who travel abroad, maintain bank accounts, or own property, homes, or vehicles to file their tax returns. Furthermore, the FBR has made it clear that traders and shopkeepers who are not registered under the “Trader-Friendly Scheme” will face severe penalties. Shopkeepers will be fined PKR 50 million for the first default, with each subsequent default resulting in a penalty of PKR 200 million.
This initiative is part of the FBR’s broader effort to enhance tax compliance nationwide and ensure that tax returns are filed promptly.
