A taxpayer will be classified as a late filer if they failed to file tax return in due date September 30, 2024, sources told ProPakistani.
The Federal Board of Revenue (FBR) introduced a new “late filer” category in the 2024-25 budget to target individuals who file returns for specific purposes, such as property-related transactions.
If a taxpayer files their income tax returns for the first time for the tax year 2023, they will be considered a “late filer” until February 28, 2025.
However, starting March 1, 2025, the taxpayer will be recognized as a “filer,” provided that they submit their tax returns for the tax year 2024 on time, that is, by or before September 30, 2024.
If a taxpayer has consistently filed their returns on time for the last three years and missed the deadline only once then they will also still be treated as a “filer.”
Last year, the FBR extended the filing deadline to October 30, 2023, and allowed taxpayers additional time to submit their returns.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.