FBR Extends Tax Return Filing Deadline to October 31, 2024

FBR Extends Tax Return Filing Deadline to October 31, 2024

Islamabad, October 15, 2024 – The Federal Board of Revenue (FBR) has announced a further extension for the filing of income tax returns for the tax year 2024, moving the deadline to October 31, 2024.

This latest extension offers taxpayers additional time to fulfill their filing obligations amid mounting requests from trade bodies and tax professionals.

The FBR issued Circular No. 3 of 2024-25 (Income Tax) on October 14, 2024, formalizing the new deadline for those who were originally required to file their returns by September 30, 2024. This marks the second extension, with the deadline previously extended to October 14, 2024, through Circular No. 2. The new cutoff date of October 31, 2024, is aimed at providing relief to taxpayers struggling to meet the deadline.

According to the circular, the decision to extend the deadline was made after taking into consideration multiple factors, including persistent requests from various trade bodies, tax bar associations, and the impact of banking holidays in Islamabad and Rawalpindi, which further complicated taxpayers’ ability to meet the October 14 deadline.

This move comes as a welcome relief for businesses and individuals who had been grappling with procedural and logistical challenges, including those posed by the FBR’s online portal. While the extension allows taxpayers more time to complete their returns, it also reinforces the FBR’s commitment to accommodating genuine concerns, ensuring that compliance is not hindered by avoidable delays.

However, the extension was not without some controversy. Earlier on October 14, the FBR had issued a statement asserting that no further extensions would be granted beyond the existing deadline. This clarification had caused widespread concern among taxpayers and professionals, who feared penalties for late filings. The sudden change of stance by the FBR underscores the agency’s responsiveness to evolving circumstances and pressures from stakeholders.

The FBR’s decision to extend the deadline again highlights the delicate balance it must maintain between enforcing tax compliance and addressing practical challenges faced by taxpayers. It also reflects the growing influence of professional associations and trade bodies in shaping tax administration policies. The extension to October 31 provides taxpayers with the opportunity to rectify any outstanding filing issues and avoid penalties associated with late submissions.

This additional time also signals the FBR’s determination to ensure maximum compliance, while offering flexibility where needed. Taxpayers are strongly advised to use this period to complete their returns diligently, as further extensions are unlikely.