The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns to October 31, responding to requests from trade organizations and tax bar associations for additional time. This decision, announced through an FBR circular under Section 214A of the Income Tax Ordinance 2001, represents the second extension; the original deadline was moved from September 30 to October 14, which the FBR had previously stated would be final.
This tax season has seen a substantial rise in filings, with over 4.43 million individuals submitting returns as of Monday, marking a 105% increase compared to last year’s 2.16 million filers. Additionally, income tax collections have surged by 120%, with Rs114 billion collected by October 8, compared to Rs52 billion in the same period last year.
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Interestingly, 1.63 million individuals reported zero taxable income in their returns. Since July 2023, over 1.03 million new taxpayers have registered, with 622,000 of them also declaring zero taxable income. This year’s increased participation highlights growing tax compliance, even as many new filers report minimal or no taxable income.
