The 15-day extension granted for filing income tax returns will expire today, October 15, raising questions about whether the deadline will be extended further.
According to sources, the number of income tax returns filed has exceeded 6.815 million. Of these, more than 4.5 million returns were filed by non-salaried individuals, while over 2.2 million salaried individuals submitted their tax returns.
Sources said that 5.2 million people had filed income tax returns last year.
Initially, the deadline for filing income tax returns was set for September 30, but it was subsequently extended to October 15.
The possibility of a further extension remains a key concern for taxpayers as the current deadline draws to a close.
Extra time for taxpayers
The extension will give taxpayers more time to collect the required information and complete their paperwork.
It will also help people who were unable to finish their returns before the original deadline.
The FBR has granted the extension under Section 214A of the Income Tax Ordinance, 2001.
Taxpayers covered by the extension should use the extra time to complete and submit their Tax Year 2026 returns before the new deadline.
What penalty could late filers face?
According to FBR sources, the late-filer category will be discontinued from October 1.
This means that the taxpayers who fail to submit their returns will be treated as non-filers and will be subject to the applicable penalties.
Individuals who fail to file their income tax returns could face a penalty of up to Rs25,000, compared with the existing penalty of Rs1,000.
For associations of persons (AOPs), the penalty will increase from Rs10,000 to Rs50,000, while companies could face a penalty of Rs100,000, up from Rs20,000.