Deadline to file income tax returns expires with 'no chance' for extension

• FBR collects Rs877 billion in October 2024.
• Board has collected Rs3,440 billion from Jul-Oct.
• FBR expecting shortfall of Rs230 bn during second quarter.

ISLAMABAD: The deadline for filing income tax returns has expired, said the Federal Board of Revenue (FBR) spokesperson on Friday, adding there was no chance of further extension in the date for submission of returns.

In a statement on October 14, the federal board had last announced to extend the date for filing income tax returns till October 31.

The FBR fell short by Rs196 billion in achieving the target of Rs3,636 billion as could accumulate only Rs3,440 billion in revenue during the first four months of this financial year (July - October).

The FBR collected Rs877 billion in October 2024, facing a shortfall of Rs103 billion against the target of Rs980 billion. 

Earlier, the FBR had recorded a Rs91 billion shortfall during the first quarter (July-September) of this FY.

Under the IMF agreement, the government set a revenue target of Rs12,913 billion for the fiscal year, while parliament approved a slightly higher target for the state institution at Rs12,970 billion.

The FBR has collected Rs3,440 billion during the first four months of 2024-25 against the assigned target of Rs3,636 billion, reflecting a shortfall of Rs196 billion. 

The FBR is expecting a shortfall of Rs230 billion during the second quarter (October-December) 2024-25.

Meanwhile, on the direction of the FBR chairman, all pending Sales Tax Refund Payment Orders of exporters of Rs32 billion, processed up to September 30, 2024, will be disbursed on November 1, 2024.