According to Asif S Kasbati, a Senior Member of the ICAP Fiscal Laws Committee, there is a strong likelihood of an extension in the filing deadline for income tax returns beyond the September 30th FBR deadline for the tax year 2024. Individuals, Associations of Persons (AOPs), and companies with specific fiscal year periods are currently required to file their Tax Year 2024 returns by September 30, 2024. However, based on various factors, experts are predicting that a general extension will likely be granted, possibly until October 31, 2024, or for an additional 15 days.
Kasbati highlighted that the delay in the issuance of draft and final return deadlines by the FBR and PRAL, along with technical issues such as slow internet connectivity and IT system problems, have contributed to challenges in the filing process. These factors, combined with the government’s emphasis on tax digitalization and economic activities, support the argument for an extended filing deadline.
