The Federal Board of Revenue (FBR) has firmly established September 30, 2024, as the ultimate deadline for submitting income tax returns. Taxpayers across Pakistan must comply to this date to avoid financial penalties and legal consequences. The FBR has clearly stated that no extensions will be offered beyond this date.
Table of Contents
Comprehensive Guide to Filing Your Income Tax Returns with FBR in 2024
Step 1
Commence your tax return process by gathering the following crucial documents:
- National Tax Number (NTN): This is imperative for filing. If you lack one, initiate registration via the FBR’s IRIS portal.
- CNIC: Necessary for identification purposes.
- Bank Statements: Gather all relevant statements from the fiscal year.
- Income Evidence: Provide salary slips and any business-related earnings.
- Expense Records: Collect receipts for utilities, rent, and medical expenditures for potential deductions.
- Investment Proofs: Document any investments made throughout the year.
- Previous Year’s Tax Return: This can serve as a useful reference.
Step 2
Go to the IRIS FBR Portal and register if you are a new user.
Step 3
Log in with your NTN or CNIC and password.
Step 4
- For Salaried Individuals: Opt for “Form 114(I)”.
- For Business Proprietors: Choose “Form 114(II)”.
- Ensure you select the pertinent tax year.
Step 5
Input your personal information, declare all income sources, and incorporate any applicable deductions, exemptions, or credits. Additionally, report your assets and liabilities.
Step 6
The IRIS portal will automatically calculate your tax liability based on your submitted information.
Step 7
Carefully review your form before submission via the portal. Retain the acknowledgment receipt for your records.
Step 8
Should there be an outstanding tax amount, make the payment using the PSID generated by the IRIS portal through authorized banking channels or online.
Step 9
Download and print a copy of your submitted return for your personal files.
Step 10
Regularly check the status of your return on the IRIS portal to confirm its processing.
Meeting the income tax return deadline ensures adherence to FBR regulations and helps avoid penalties. Begin the process early and consider seeking professional guidance if necessary to streamline the procedure.
Consequences for Missing the Deadline
If the deadline is not met, a daily penalty of 0.1% of the overdue tax amount will be imposed. The lowest fine is Rs1,000 for people and Rs50,000 for businesses and companies.
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