The Federal Board of Revenue (FBR) has officially announced final deadline for filing income tax returns 2024. Taxpayers nationwide are strongly encouraged to comply with this deadline set as 30 September 2024, as the FBR has made it clear that no extension will be granted.
The FBR issued a stern warning, stating that legal action will be taken against those who fail to meet this deadline. Defaulters will face a daily penalty of 0.1% of the due tax amount, with a minimum fine of Rs.1000/- for individuals. Businesses and corporations could face penalties starting at Rs. 50,000/-.
Taxpayers with foreign travel records, significant bank balances, and property, house, or vehicle ownership are required to file their tax returns without exception and failing to comply will face severe penalties.
Additionally, the FBR announced enforcement actions against traders and shopkeepers who have not registered under the Tajir Dost (Trader-Friendly) scheme. Unregistered businesses will face initial closure for seven days, with repeated offenses leading to 20-day closures. Non-compliance will result in significant fines, starting at Rs50 million for the first default and Rs200 million for subsequent infractions.
These stringent measures are part of the FBR’s efforts to increase tax compliance and expand the tax base. All eligible taxpayers are urged to file their returns promptly to avoid penalties and legal consequences.
