The Federal Board of Revenue (FBR) has once again extended the deadline for filing income tax returns, allowing taxpayers to submit their returns until October 31.
This extension follows multiple requests from trade organizations and tax bar associations for additional time to complete their tax submissions.
In a circular issued by the FBR, the decision was made under Section 214A of the Income Tax Ordinance 2001, providing taxpayers more time to fulfill their tax obligations. This marks the second extension of the deadline, as the initial due date was previously pushed from September 30 to October 14.
Earlier, Oct 14 was the final day for filing income tax returns for 2024, with the Federal Board of Revenue (FBR) claiming that there will be no further extension.
Also Read: Today is the last day for filing income tax returns!
Meanwhile, this year has seen a significant surge in tax filings, with the FBR reporting an impressive 105% increase compared to last year.
As of Monday, more than 4.43 million individuals submitted their tax returns, representing an increase of over 2.27 million compared to the previous year. In 2023, 2.16 million people filed their returns.
In addition to the increase in returns, the FBR noted a 120% rise in income tax submitted alongside the returns. By October 8, a total of Rs114 billion in tax had been collected, more than double the Rs52 billion collected during the same period last year.
More than 1.63 million people have declared zero taxable income in their returns. The FBR also reported that since July 2023, over 1.03 million new taxpayers have registered, with 622,000 of these new filers also declaring zero taxable income.
