FBR rules out extension in deadline for filing tax returns

The Federal Board of Revenue (FBR) has stated that there will be no extension to the September 30 deadline for filing tax returns for the financial year 2024. Taxpayers are urged to file their returns promptly to avoid penalties and legal action. The FBR has proposed measures to address a tax shortfall, including freezing bank accounts and imposing bans on property and vehicle purchases for tax evaders. The FBR identified two million nil filers out of six million return filers and recommended fines and actions for different categories of non-filers. The FBR also plans to outsource audits for high-net-worth individuals and companies.