HomeBusinessFBR Extends Tax Return Deadline for Two Weeks

FBR Extends Tax Return Deadline for Two Weeks

ISLAMABAD, (TDI): The Federal Bureau of Revenue (FBR) has extended the deadline for filling income tax returns for the financial year 2024 to October 14.

In a notification, the FBR stated, “In exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue is pleased to announce that the deadline for filing Income Tax returns for Tax Year (TY) 2024, originally set for September 30, 2024, has been extended to October 14, 2024. This decision comes in response to requests from various trade bodies, Tax Bar Associations, and the general public.”

The FBR urged all taxpayers to file their income tax returns promptly to avoid penalties and legal consequences.

Earlier on Monday, the FBR had stated that no further extensions would be granted, addressing speculation about an extension and encouraging taxpayers to submit their returns without delay.

They emphasized, “All taxpayers are urged to file their income tax returns promptly to avoid penalties and fines.”

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), the Islamabad Chamber, and the All Pakistan Traders Association, the Rawalpindi-Islamabad Tax Bar Association had called for a one-month extension for filing income tax returns, pushing the deadline to October 31.

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In a letter addressed to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and FBR Chairman Rashid Mahmood Langrial, the Tax Bar Association on Monday emphasized the need for this extension.

They pointed out that the current 15-day extension includes four public holidays, which significantly reduces the number of working days available for taxpayers. This, they argued, could create challenges for taxpayers and increase pressure on the IRIS system.

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The letter cautioned that a shorter extension might result in a higher number of empty returns being submitted, which would place unnecessary strain on the tax system.

A 30-day extension, they asserted, would facilitate a smoother filing process for taxpayers.

Meanwhile, Ajmal Baloch, President of the All Pakistan Traders Association, reiterated the call for an extended deadline, citing ongoing economic difficulties faced by traders.

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