The Federal Board of Revenue (FBR) has announced that it has decided not to extend the deadline for the filing of income tax returns, urging all taxpayers to file their returns by September 30.
The FBR is gearing up to take stringent actions against individuals and businesses who fail to comply with the deadline.
According to FBR officials, more than 1.9 million income tax returns have been submitted as of now. Since July 1, 2023, approximately 466,986 new taxpayers have registered, with an additional 205,525 new registrations reported since July 1, 2024.
This surge in registrations highlights the increasing taxpayer compliance following FBR's recent awareness campaigns and enforcement measures.
The FBR's data reveals a positive trend in tax compliance, with around six million returns filed in 2023. However, the FBR remains committed to expanding the tax net further, targeting those who remain outside the formal economy.
Earlier this month, FBR said that individuals with an annual income exceeding Rs600,000, as well as property or vehicle owners, were required to file their income tax returns. Entrepreneurs earning above the specified threshold were 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.
It 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.
