Karachi, December 16, 2024 – The Federal Board of Revenue (FBR) has reaffirmed December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024.
A senior official emphasized that the date will not be extended further, urging companies to fulfill their obligations promptly to avoid penalties.
Filing Guidelines under Section 118 of the Income Tax Ordinance, 2001
The FBR has outlined comprehensive guidelines for corporate taxpayers under Section 118 of the Income Tax Ordinance, 2001. Companies are required to adhere to the following directives:
1. Mandatory Filing Requirements
o A return of income under Section 114, a wealth statement under Section 116, or a foreign income and assets statement under Section 116A, if applicable, must be submitted as prescribed.
2. Specific Deadlines
o For companies with a tax year ending between January 1 and June 30, the return must be filed by December 31 of the following year.
o For all other cases, the filing deadline is September 30 of the subsequent year.
3. Electronic Filing Mandate
o Taxpayers with salary income exceeding PKR 500,000 are required to file their returns electronically. Submissions must include proof of tax deduction or payment, as well as wealth statements or foreign income and asset declarations where applicable.
Key Provisions and Consequences of Non-Compliance
• Wealth Statements and Notifications
o Wealth statements must be submitted by the specified due date or the return filing deadline, as required.
• Returns by Non-Registered Taxpayers
o Taxpayers without a National Tax Number (NTN) must register alongside filing their returns. Submissions without NTN registration will be deemed invalid under Sub-section (6) of the Ordinance.
FBR’s Message to Taxpayers
The FBR has reiterated the importance of timely compliance, urging corporate entities to utilize e-portal services for efficient and error-free submissions. Officials stress that adherence to the deadline reflects a company’s commitment to transparency and contributes to the national exchequer.
Compliance and Strategic Importance
Corporate tax compliance plays a critical role in fostering economic stability and maintaining trust between businesses and regulatory authorities. The December 31 deadline offers companies ample time to consolidate financial records and ensure accurate filings.
This announcement underscores the FBR’s dedication to enforcing tax regulations and streamlining compliance. Businesses are encouraged to act promptly to avoid penalties and maintain good standing with tax authorities as the tax year concludes.