FBR Decides to Extend the Due Date for Pakistani Income Tax Returns
Tough Due Date Despite Requests for Extension
People can file their income tax forms with the FBR until the end of September every year. It has been normal, though, for extensions to be given because of things like technical problems with the online tax site and worries from different professional groups. Now Last date is 15th October 2024.
Even with these worries, the FBR has made it clear that the date will not be pushed back again this year. The Board has stressed how important it is for people to do their civic tasks on time, pointing out that taxes need to be collected so that the government can meet its income goals. Penalties and fines could happen if you don’t file on time.
FBR’s Answer to Problems
Tax experts have pointed out a number of problems that people and companies have when they file their taxes, such as
– There have been problems with the IRIS online tax system, which has made it harder to file taxes smoothly.
Businesses have trouble filling out their tax forms because their financial records are too complicated.
– Companies that don’t do their financial checks on time, which often means that people file their income tax returns late.
The FBR is aware of some of these problems, but they have insisted that the limit is final and that people must take the steps they need to in order to avoid any problems at the last minute. There are reports that tax offices all over the country are full to the brim with people and companies making their returns.
FDR’s Goals for Making Money
The FBR made the choice to stick to the limit as part of its efforts to get more people to pay their taxes and meet its goals for collecting money this fiscal year. Pakistan’s government is under a lot of pressure to raise tax rates so that it can get money from foreign groups like the foreign Monetary Fund (IMF).
The FBR wants to get more people and companies to join the tax net, which is still small compared to the total population of the country, by setting strict dates.
