Welcome to the Latest Tax News!
If you haven’t filed your income tax return for the tax year 2024 yet, don’t worry – the government has extended the deadline until October 31! This extension comes after banks in Islamabad and Rawalpindi were closed for three days, causing issues for taxpayers who missed the original October 14 deadline.
According to the Federal Board of Revenue, there has been a significant increase in the number of tax returns filed this year compared to last year. As of October 14, 4.537 million returns were filed, showing a 107.83% increase from the same period last year. However, there has also been a rise in the number of nil-filers, individuals who submit returns without paying any taxes.
To address this, the government is looking to eliminate the non-filer and notional-filer categories. Additionally, tax payments associated with returns for the tax year 2024 have reached Rs119.077 billion by October 14, showing a 128% increase from last year.
For more information on the latest tax news, watch the video below:
Stay updated with the latest tax updates and make sure to file your returns before the new deadline on October 31!
Published in Dawn, October 15th, 2024
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