The Federal Board of Revenue (FBR) has designated September 30, 2024, as the final deadline for filing income tax returns.
All taxpayers in Pakistan must comply by this date to avoid penalties and legal consequences. The FBR has explicitly stated that it will not grant any extensions beyond this deadline.
How to File Your Income Tax Returns with FBR in 2024: A Step-by-Step Guide
Step 1: Gather Required Documents
- National Tax Number (NTN): This is essential for filing; if you do not have one, register through FBR’s IRIS portal.
- CNIC: Needed for identification purposes.
- Bank Statements: Gather all relevant statements for the tax year.
- Income Proof: Include all sources, such as salary certificates and business income.
- Expense Records: Collect utility bills, rent receipts, and medical bills for possible deductions.
- Investment Proofs: Documents related to investments made during the tax year.
- Previous Year’s Tax Return: Useful for reference if applicable.
Step 2: Register on FBR’s IRIS Portal
- Visit the IRIS FBR Portal and register if you are a new user.
Step 3: Log in to the IRIS Portal
- Use your NTN/CNIC and password to log in.
Step 4: Select the Appropriate Return Form
- Salaried Individuals: Use “Form 114(I)”.
- Business Individuals: Use “Form 114(II)”.
- Select the relevant tax year.
Step 5: Fill Out the Form
- Update personal details, report all income, including tax deductions, declare exemptions or credits, and report assets and liabilities.
Step 6: Calculate Tax Liability
- The IRIS portal will automatically calculate your tax based on the inputs.
Step 7: Submit the Return
- Review your form and submit it through the portal. Save the acknowledgement receipt.
Step 8: Payment of Tax (if applicable)
- Make the payment using the generated PSID through designated banks or online.
Step 9: Print and Save the Return
- Download and print a copy for your records.
Step 10: Monitor Your Return Status
- Regularly check the status of your return on the IRIS portal.
Filing your income tax returns by the deadline ensures compliance with FBR regulations and helps avoid penalties. Start early and consider seeking professional help if necessary. Following these steps will ensure a smooth filing process.
Read: FBR Establishes Tax Fraud Investigation Wing to Combat Evasion
Penalties for Missing the Deadline
The FBR will impose a daily penalty of 0.1% of the due tax amount on those who miss the deadline. The minimum penalty is Rs1,000 for individuals and Rs50,000 for businesses and corporations.
