ISLAMABAD: The Federal Bureau of Revenue (FBR) has officially extended the deadline for filing income tax returns for the financial year 2024 to October 14. This decision comes in response to numerous requests from various trade bodies, Tax Bar Associations, and the general public.
In a notification, the FBR stated, “In exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue is pleased to announce that the deadline for filing Income Tax returns for Tax Year (TY) 2024, originally set for September 30, 2024, has been extended to October 14, 2024.” The bureau urged all taxpayers to file their returns promptly to avoid potential penalties and legal consequences.
Earlier on Monday, the FBR had indicated that no further extensions would be granted, addressing speculation about possible extensions and encouraging taxpayers to submit their returns without delay. They reiterated, “All taxpayers are urged to file their income tax returns promptly to avoid penalties and fines.”
Despite this extension, several organizations are advocating for an even longer deadline. The Federation of Pakistan Chambers of Commerce & Industry (FPCCI), the Islamabad Chamber, the All Pakistan Traders Association, and the Rawalpindi-Islamabad Tax Bar Association have all requested a one-month extension, pushing the filing deadline to October 31.
In a letter addressed to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and FBR Chairman Rashid Mahmood Langrial, the Rawalpindi-Islamabad Tax Bar Association emphasized the necessity for this extended deadline.
They highlighted that the current 15-day extension includes four public holidays, significantly reducing the working days available for taxpayers. This situation could create challenges and increase pressure on the IRIS system, they argued.
The letter also warned that a shorter extension might lead to a rise in the number of empty returns submitted, which would unnecessarily strain the tax system. A 30-day extension, they asserted, would facilitate a smoother filing process for all taxpayers.
Meanwhile, Ajmal Baloch, President of the All Pakistan Traders Association, echoed this sentiment, urging the FBR to consider the economic difficulties traders are currently facing. He emphasized that additional time for filing would alleviate some of the burdens on taxpayers struggling to meet the current deadline.
