The Federal Board of Revenue (FBR) has warned taxpayers of hefty penalties, additional tax liabilities and possible legal action for failing to file income tax returns by the September 30 deadline.
Sources said the late-filer category will be abolished from October 1, with the penalty for individuals filing late increasing from Rs1,000 to Rs25,000. The fine for an Association of Persons will rise to Rs50,000, while companies could face penalties of up to Rs100,000.
The FBR urged taxpayers to provide complete and accurate information, warning that concealing assets or submitting incorrect details could trigger action and recovery measures.
Meanwhile, the State Bank of Pakistan said commercial banks will keep relevant branches open until 10pm on Wednesday to facilitate over-the-counter payments of government duties and taxes. Banks have also been directed to ensure uninterrupted digital payment services.
Around 4.88 million income tax returns have been filed so far this tax year, compared with more than 3.5 million during the previous tax year.
Banks in Pakistan to Extend Working Hours Till 10pm on Sept 30
