Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has announced December 31, 2024, as the final deadline for corporate entities to file their income tax returns for the tax year 2024. FBR officials have emphasized that this deadline will not be extended, urging companies to comply promptly to avoid penalties.
Filing Guidelines under Section 118 of the Income Tax Ordinance, 2001
The FBR has outlined the procedure for filing income tax returns and accompanying documents under Section 118 of the Income Tax Ordinance, 2001. Corporate taxpayers must adhere to the following guidelines:
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, where applicable, must be furnished in the prescribed manner.
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 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 must file their returns electronically, including proof of tax deduction or payment, along with wealth statements or foreign income and asset statements if applicable.
Key Provisions and Consequences of Non-Compliance
• Wealth Statements and Notifications
o Taxpayers are required to submit wealth statements by the due date specified in the notice or the due date for filing the return of income, as applicable.
• Returns by Non-Registered Taxpayers
o Taxpayers not registered with a National Tax Number (NTN) must apply for registration alongside their return filing. Failure to do so will render their return invalid.
Sub-section (6) further clarifies that returns filed without NTN registration will not be treated as valid submissions.
FBR’s Message to Taxpayers
The FBR has stressed the importance of meeting this deadline, highlighting its commitment to streamlining tax compliance processes. Officials encourage corporate entities to leverage e-portal services for efficient and error-free submissions.
Compliance and Strategic Importance
Corporate tax compliance is pivotal for maintaining transparency and contributing to the national exchequer. The December 31 deadline offers businesses sufficient time to consolidate financial records and file accurate returns.
This announcement reiterates the FBR’s intent to enforce deadlines and ensure adherence to tax regulations. With the tax year concluding soon, timely filing is crucial to avoid penalties and maintain good standing with tax authorities.