The Federal Board of Revenue (FBR) has announced an extension in the date for filing income tax returns for the tax year 2024. Initially, the deadline was September 30, 2024, but now taxpayers have until October 14, 2024, to submit their returns. This extension is a response to requests from various trade bodies, Tax Bar Associations, and the general public.
The decision was made in exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001. The FBR acknowledged the demands from stakeholders and opted to provide additional time for taxpayers to comply with their obligations.
Taxpayers who were required to file their returns by September 30, 2024, can now breathe a sigh of relief. The new deadline applies to individuals and Associations of Persons (AOPs), while companies have until December 31, 2024, to file their returns. Companies with a special tax year have 30 days after the end of their tax year to submit their returns.
To file their income tax returns, taxpayers can use the Iris portal online. First-time filers will need to register before submitting their returns. The FBR has clarified that there will be no further extensions beyond October 14, 2024, and encourages taxpayers to file their returns on time to avoid potential penalties.
This move is expected to provide relief to taxpayers who were struggling to meet the original deadline. The FBR’s decision demonstrates its commitment to facilitating taxpayers and promoting compliance with tax regulations.
Taxpayers are advised to take advantage of this extension and file their returns promptly to avoid any last-minute hassles. With the new deadline in place, taxpayers can ensure they meet their tax obligations without incurring unnecessary penalties.
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