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The Federal Board of Revenue (FBR) has announced September 30 as the deadline for filing income tax returns for the financial year 2023-24.
In a recent notification, the FBR emphasized that taxpayers who do not submit their returns by the deadline could face legal consequences. A penalty of 0.1 percent of the payable tax amount will be imposed on defaulters. For individual filers, the minimum penalty is set at Rs1,000, while other categories will incur a minimum penalty of Rs50,000.
The FBR has clarified that individuals who frequently travel abroad, maintain significant bank balances, or own a vehicle or property are required to file their tax returns.
