The Federal Board of Revenue (FBR) has set September 30 as the deadline for income tax returns for the financial year 2023-24.
According to FBR, those who fail to submit tax returns may face legal action. In case of default, a 0.1 percent penalty will be imposed on the payable tax amount.
The minimum penalty on individual filers
will be Rs1,000 and Rs50,000 on other categories.
As per the tax collection body, those who travel abroad frequently, maintain bank balances or own a car or property are bound to file tax returns.
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