The Federal Board of Revenue (FBR) has set a strict deadline of September 30 for the submission of 2024 income tax returns, with no extensions allowed. The FBR has warned that failure to meet this deadline will result in legal repercussions.
According to the FBR’s statement, defaulters will incur a daily penalty of 0.1% of the unpaid tax amount. Individuals will face a minimum fine of PKR 1,000, while other categories will be penalized at least PKR 50,000.
Read more: FBR sets Rs60,000 Monthly tax for Karachi Traders under Tajir Dost Scheme
The FBR also stressed that filing tax returns is mandatory for individuals with overseas travel, bank accounts, or ownership of property, homes, or vehicles.
Additionally, traders and shopkeepers not registered under the “Trader-Friendly Scheme” will face significant fines.
Shopkeepers will be penalized PKR 50 million for the first offense, with subsequent violations resulting in a PKR 200 million fine.
This measure is part of the FBR’s broader strategy to improve tax compliance and ensure timely filing of returns.
