Deadline for filing income tax returns ends
The FBR has audited the company’s withholding tax deductions in the past. However, it is the first time that the FBR has decided to open the company’s books to see the complete details. Photo: REUTERS
The Federal Board of Revenue (FBR) has closed the deadline for filing income tax returns for the tax year 2024 without granting any further extensions, Express News reported.
As of late last night, over 5.25 million people had submitted their tax returns, reflecting an 85% increase in filings compared to the previous year.
According to FBR data, the total number of filers reached 5.25 million by October 31, an increase of approximately 2.3 million over last year.
Sources said that around 1.93 million individuals declared zero taxable income, making up 38.57% of all filers.
Since July 2023, 1.86 million new individuals have become filers, with 602,351 registering after July 2024.
The FBR had set October 31 as the final deadline following two extensions earlier this year. Now that the deadline has passed, Express News reports that the government will audit the income and expenditures of non-filers.
Furthermore, the FBR plans to eliminate the "non-filer" category altogether, meaning non-filers would be classified as tax defaulters, making them subject to penalties and potential action under tax laws.
The FBR has also decided on five key restrictions for non-filers, Express News added, including bans on purchasing property and vehicles, international travel, opening current accounts, and investing in mutual funds.