FBR says no further extension for income tax return filing

The government has confirmed there will be no further extensions for the filing of income tax returns for the tax year 2024. 

Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial affirmed this decision on Thursday, ending speculation about additional extensions. 

Initially, the deadline had been extended twice—first to October 14 and then to October 31—from the original September 30 cut-off.

As of October 31, the FBR recorded 5.129 million income tax returns compared to 2.89 million during the same period last year, marking a 77.47% rise. 

In the previous tax year, a total of 6.675 million returns were filed, and the FBR anticipates surpassing this figure as taxpayers continue to submit returns with penalties until March, and in some cases, even through mid-June.

Approximately 1.3 million new individuals enrolled in the tax system between July 1, 2023, and October 31, 2024. 

Alongside the increase in returns, tax payments accompanying these filings also saw a considerable rise, reaching Rs130.60 billion as of October 31, compared to Rs75.141 billion collected during the same period last year, marking a 73.80% growth.

A notable trend this year has been the rise in nil-filers—taxpayers who report no taxable income. 

From July 1 to October 31, 1.994 million nil-returns were submitted, comprising 39% of all returns filed. For comparison, tax year 2023 saw 1.01 million nil-filers during the same period, making up 35% of total filings. 

By the end of tax year 2023, 6.675 million returns were filed, with 3.676 million, or 55%, being nil-returns.