Today marks the final day for filing income tax returns for 2024, with the Federal Board of Revenue (FBR) confirming that there will be no further extension.
This year has seen a significant surge in tax filings, with the FBR reporting an impressive 105% increase compared to last year.
As of Monday, more than 4.43 million individuals submitted their tax returns, representing an increase of over 2.27 million compared to the previous year. In 2023, 2.16 million people filed their returns.
In addition to the increase in returns, the FBR noted a 120% rise in income tax submitted alongside the returns. By October 8, a total of Rs114 billion in tax had been collected, more than double the Rs52 billion collected during the same period last year.
More than 1.63 million people have declared zero taxable income in their returns. The FBR also reported that since July 2023, over 1.03 million new taxpayers have registered, with 622,000 of these new filers also declaring zero taxable income.
Also Read: FBR decides to extend income tax filing deadline by 14 days
The FBR attributes the increase in tax filings to enhanced efforts in broadening the tax base and encouraging more people to comply with tax laws.
Earlier, on Oct 1, the FBR had decided to extend the deadline for filing income tax returns by 14 days. The bureau had issued a notification of the deadline for filing income tax by 14 days. Earlier, trade associations and tax bar associations had called for a one-month extension, with reports suggesting that a notification for the extension was expected after Prime Minister Shehbaz Sharif's approval.
The FBR urged all taxpayers to file their returns promptly to avoid penalties and legal consequences. As of now, more than 3.5 million individuals have submitted their income tax returns, marking a significant increase compared to the same period last year, with the number of filers doubling.
