Karachi, September 23, 2024 – The Federal Board of Revenue (FBR) has called on citizens to submit their income tax returns for the tax year 2024 before the approaching deadline of September 30, 2024. In a statement released on Monday, the FBR emphasized that the deadline would not be extended, urging individuals to fulfill their legal obligations promptly.
As part of its efforts to boost compliance, the FBR clarified the categories of individuals required to file their income tax returns. The FBR stated that individuals earning an annual income of PKR 600,000 or more must submit their tax returns. Additionally, property owners with flats of specified sizes, as determined by the FBR’s guidelines, are also required to file. Another group mandated to comply includes owners of motor vehicles with an engine capacity of 1000cc and above.
The revenue board reminded citizens of the various benefits of filing tax returns, with a major one being the attainment of “active taxpayer” status. Active taxpayers are entitled to reduced withholding tax rates on certain financial transactions and purchases, including property deals, banking transactions, and vehicle registrations. These reduced rates provide significant savings and incentives for compliant taxpayers.
FBR has also stressed that non-compliance could lead to penalties and missed opportunities to benefit from the tax regime’s provisions. The board highlighted that it had simplified the return filing process through its online portal, Iris, making it easier for citizens to file returns from the convenience of their homes. FBR’s official website offers detailed guidelines on how to file returns, and regional tax offices are also providing assistance to citizens in this regard.
Furthermore, the FBR urged salaried individuals, business owners, and professionals to take advantage of this streamlined process and avoid the last-minute rush, which can often lead to errors or missed deadlines. To ensure compliance, the FBR has enhanced its outreach, including sending reminders to registered taxpayers via SMS and email.
As the deadline draws closer, tax authorities are working round the clock to handle inquiries and support taxpayers through its call centers and online chat services. The FBR is keen on improving the tax-to-GDP ratio and has been actively pushing for greater compliance across the country.
With no plans to extend the filing deadline beyond September 30, 2024, citizens are strongly encouraged to file their returns on time to avoid fines, penalties, or other inconveniences.
