The Federal Board of Revenue (FBR) has set September 30, 2024, as the final deadline for filing income tax returns. Taxpayers across Pakistan are urged to meet this deadline to avoid penalties and legal action. The FBR has made it clear that there will be no extension beyond this date.
Penalties for Missing the Deadline
The FBR has issued a stern warning to those who fail to file their income tax returns on time. A daily penalty of 0.1% of the due tax amount will be imposed on defaulters. The minimum fine for individuals is Rs1,000, while businesses and corporations may face a minimum penalty of Rs50,000.
Who Must File?
Individuals with foreign travel records, bank balances, property ownership, houses, or vehicles are required to submit their tax returns without fail. The FBR emphasized that failing to comply will result in severe penalties.
Trader-Friendly Scheme Compliance
The FBR also highlighted the need for traders and shopkeepers to register under the trader-friendly (Tajir Dost) scheme. Unregistered shops found in default will face severe consequences, including being sealed for seven days initially, with closure extended to 20 days for repeated offences. Non-compliance will result in hefty fines, with the first default leading to a Rs50 million penalty, and subsequent defaults incurring Rs200 million fines.
Importance of Compliance
The FBR’s strict measures aim to increase tax compliance and broaden the tax base. Taxpayers are strongly advised to submit their returns promptly to avoid penalties and potential legal action.
Ensure you file your income tax return by September 30 to stay compliant with the FBR’s regulations.
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