| Islamabad: The Federal Board of Revenue (FBR) has firmly announced that there will be no extension for the submission of income tax returns, urging taxpayers across the country to file by September 30.
Read: New FBR regulations put high-income taxpayers in spotlight
As per details, individuals and businesses failing to meet this deadline may face stringent penalties and legal consequences. To date, more than 1.9 million income tax returns have been filed, with a significant surge in new registrations since July 1, 2023. Over 466,000 new taxpayers have registered during this period, with an additional 205,000 added since July 1, 2024, reflecting the impact of FBR’s extensive awareness campaigns.
FBR officials emphasised that individuals with an annual income exceeding PKR 600,000, along with property and vehicle owners, are legally obligated to file their returns. Entrepreneurs whose earnings surpass the specified threshold must also comply. Non-compliance could result in severe actions, including the disconnection of mobile phone SIMs, and electricity or gas services. The FBR also holds the authority to freeze bank accounts and initiate legal proceedings against those who ignore notices to file their tax returns.
Read: FBR requires taxpayers to fulfill 14-point checklist
In an effort to further broaden the tax net, the FBR has reiterated that individuals with foreign travel records, substantial bank balances, and ownership of properties or vehicles are required to file their returns. Failure to do so will lead to stringent enforcement measures and heavy penalties. With this final call, the FBR remains committed to enhancing taxpayer compliance, pushing forward its efforts to bring more individuals into the formal economy. |
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