The Federal Board of Revenue (FBR) has granted an extension for filing income tax returns for the fiscal year 2024. The new deadline for filing returns has been set to October 14, 2024, following requests from various trade associations and Tax Bar Associations.
The FBR stated that the decision to extend the deadline was made in response to requests from trade bodies, Tax Bar Associations, and the general public. This decision comes after earlier statements from the FBR had indicated that no further extensions would be granted.
The extension was granted amidst widespread speculation that technical issues within the FBR system might necessitate a deadline extension. Many taxpayers had experienced difficulties filing their returns due to system overload. Despite these challenges, the FBR reported that over 3.5 million individuals had successfully submitted their returns, with most returns from salaried individuals being processed without significant issues.
The FBR emphasized the importance of taxpayers promptly filing their returns to avoid penalties and fines. The FBR expressed hope that the extended deadline will provide taxpayers with the necessary time to ensure compliance and avoid penalties.
