The Federal Board of Revenue (FBR) has once again extended the deadline for submitting income tax returns, giving taxpayers until October 31 to file. This extension comes after numerous requests from trade bodies and tax bar associations for additional time to complete their filings.
In a circular issued by the FBR, the decision to extend the deadline was made under Section 214A of the Income Tax Ordinance 2001. This is the second extension, as the original deadline was first moved from September 30 to October 14.
Previously, the FBR had stated that October 14 would be the final deadline for filing 2024 income tax returns, with no further extensions planned. However, the extension has now been granted.
This year has witnessed a notable rise in tax filings, with the FBR reporting a remarkable 105% increase compared to last year. As of Monday, over 4.43 million individuals have filed their tax returns, an increase of 2.27 million compared to 2023, when only 2.16 million returns were submitted.
Additionally, there has been a significant 120% growth in income tax collected with the returns. By October 8, a total of Rs114 billion in taxes had been collected, more than double the Rs52 billion collected during the same period last year.
Furthermore, more than 1.63 million people declared zero taxable income in their returns. Since July 2023, over 1.03 million new taxpayers have registered, with 622,000 of them also reporting zero taxable income.
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