FBR sets Sept 30 deadline for filing income tax returns, warns of penalties

Failure to submit returns will result in legal action, defaulters to face a daily penalty of 0.1% of outstanding tax

ISLAMABAD:

The Federal Board of Revenue (FBR) has announced that taxpayers must file their income tax returns for the fiscal year ending June 30, 2024, by September 30.

According to the FBR, no decision has been made yet to extend the filing deadline for Tax Year 2024.

"Failure to submit returns will result in legal action," the FBR stated, adding that defaulters will face a daily penalty of 0.1% of the outstanding tax. Individuals will incur a minimum penalty of Rs1,000, while other categories may face fines of up to Rs50,000.

The FBR also stressed that those with overseas travel records, bank balances, properties, homes, or vehicles must submit their returns.

Action will be taken against traders and shopkeepers not registered under the trader-friendly scheme.

Unregistered shops will be sealed for seven days on the first default and for 20 days on subsequent defaults.

Shopkeepers will face a fine of Rs50 million for the first default, with penalties escalating to Rs200 million for each additional default.