Tax Return Filing Season 2024 Begins in Pakistan

Tax Return Filing Season 2024 Begins in Pakistan

Karachi, July 7, 2024 – The commencement of the annual income tax return filing for tax year 2024 marks a pivotal moment for taxpayers in Pakistan as the Federal Board of Revenue (FBR) has officially launched the finalized return forms.

In a bid to streamline the process, the FBR has notified the finalized income tax return forms through SRO 949 and SRO 950 dated July 4, 2024, signaling the beginning of the return filing season 2024. These forms cater to a wide spectrum of taxpayers including salaried individuals, business entities, Associations of Persons (AOPs), and Companies are included.

The deadline for filing tax returns varies depending on the type of taxpayer. For salaried individuals, business entities, and AOPs, as well as companies with special accounting years, the last date for submission is set for September 30, 2024. However, companies following the July to June accounting cycle have until December 31, 2024, to file their income tax returns.

SRO 950 specifically addresses individuals falling under the final tax regime or those required to submit manual returns, ensuring that all categories of taxpayers are accommodated under the new provisions.

The 2024 income tax return filing season assumes heightened significance due to recent amendments introduced under the Finance Act, 2024. These amendments have brought forth stringent regulations pertaining to income tax return filing, encompassing substantial penalties and revised frameworks for late filers.

In response to these amendments, taxpayers across Pakistan are urged to adhere to the prescribed deadlines and regulations set forth by the FBR. Failure to comply with these requirements could result in significant penalties and legal repercussions.

The FBR has also emphasized the importance of accuracy and completeness in filing tax returns, urging taxpayers to utilize the latest guidelines and resources available on their official platform to facilitate a smooth filing process.

With the launch of the finalized forms and the onset of the filing season, the FBR anticipates a proactive response from taxpayers nationwide. The board remains committed to facilitating compliance while ensuring a fair and transparent tax regime in Pakistan.

As the tax return filing season unfolds, stakeholders are encouraged to stay updated with any further developments or clarifications from the FBR to navigate the process effectively.

For more information and guidance on tax return filing for tax year 2024, taxpayers can visit the official website of the Federal Board of Revenue (FBR) or contact their nearest tax facilitation center.