Govt Decides Not to Extend Return Filing Date As Deadline Passes

The Federal Board of Revenue (FBR) has decided not to extend the income tax return filing deadline beyond October 31 for the tax year 2024. First, the deadline was set for September 30, in line with the Income Tax Ordinance, but was extended twice—to October 14 and then to October 31. By the October 31 deadline, the FBR received 5.129 million income tax returns, reflecting a substantial 77.47 percent increase from the 2.890 million returns filed by the same time last year. This year’s growth includes 1.3 million new filers added between July 1 and October 31. Tax payments accompanying these returns reached Rs. 130.60 billion, marking a 73.80 percent rise from Rs. 75.141 billion last year. Notably, nil-filers constituted 1.994 million or 39 percent of total returns filed by October 31. In the full 2023 tax year, nil returns accounted for 55 percent of the total 6.675 million returns filed. These nil-filers generally submit returns for specific financial transactions or to benefit from lower tax rates under the Active Taxpayers List.