FBR ‘again’ extends Income Tax Returns deadline for Tax Year 2024

The date for filing income tax returns has been extended by the Federal Board of Revenue (FBR) for the second time till October 31^st, 2024.

The tax collection body said in a statement issued last Monday: “In exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of the income tax return for the tax year 2024, for the persons who were required to file their returns by September 30^th, 2024 and was extended up to October 14^th, 2024 vide circular No.2 of 2024-25 dated September 30^th, 2024, is further extended to October 31^st, 2024.”

This decision was made due to the requests of different trade bodies and tax bar associations mainly because of the banking holidays in Islamabad and Rawalpindi. Notably, a three-day public holiday was announced in twin cities in preparation for the Shanghai Cooperation Organisation (SCO) Council of Heads of Government meeting expected to be held on October 15^th  and 16^th.

Earlier, the FBR had postponed the filing of income tax returns for the fiscal year 2024 from September 30^th to October 14^th to appease the trade bodies and tax practitioners.

However, over the past few years, the FBR has frequently delayed the due date for filing tax returns. Last year, the authority had also pushed the date for the filing of tax returns to October 31^st.

In June, the administration led by Prime Minister Shehbaz Sharif unveiled a tax-oriented budget that contained a clear taxation plan to increase the country’s likelihood of receiving a fresh bailout from the International Monetary Fund (IMF).