Last Updated on: 2nd November 2023, 07:33 am
Latest Update About FBR Income Tax Return Date Extension
The Federal Board of Revenue (FBR) in Lahore, Pakistan, the country’s top tax collection authority, has made it clear that there will be no further extension for the submission of income tax returns. A one-month extension was previously granted, but it expired at the end of October.
Initially, the FBR had set October 30 as the deadline for filing income tax returns, and this deadline remains unchanged.
According to media reports, approximately 2.9 million Pakistanis have already filed their income tax returns. However, representatives from the business community have appealed to the tax collection authority to consider a one-month extension to provide relief for those who may have missed the deadline due to economic challenges.
The Pakistan Tax Bar Association (PTBA) has emphasized that extending the deadline would not only help individuals meet their tax obligations but also contribute to an increase in the number of active tax filers.
Despite these requests, the FBR has decided not to grant any additional time for filing income tax returns. Taxpayers are strongly advised to adhere to the existing deadline to avoid potential penalties or legal consequences.
Also Read: FBR Officials Assure Continued Tax Exemptions for Rs50,000 Monthly Income
For the first four months of the fiscal year 2023-2024, the FBR has reported an impressive revenue collection of Rs2748 billion, exceeding the set revenue target of Rs2682 billion.