ISLAMABAD (National Times) After lengthy deliberation, the Federal Bureau of Revenue (FBR) has finally extended the deadline for submission of tax returns for financial year 2024 till October 14.

“In exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of Income Tax return for the Tax Year (TY) 2024, for the persons who are required to file their returns by September 30, 2024 is hereby extended up to October 14th, 2024 in view of the requests from various trade bodies, Tax Bar Associations and general public,” stated a notification issued on late Monday.

The decision was taken hours after the tax-collection body ruled out any possibility of extending the September 30 deadline for the submission of tax returns. It clarified that media reports about extension of income tax returns filing date “are untrue”.

“All taxpayers are urged to file their income tax returns immediately to avoid penalties and legal action,” the FBR added.

Traditionally, the FBR, in recent years has adopted the practice of extending the tax return submission deadline. Last year, the authority pushed the date for the filing of tax returns to October 31.

Sources had claimed that the deadline for filing income tax returns for the year 2023-24 may be extended by 15 days for individuals, associations of persons, businessmen and companies.

In June, Prime Minister Shehbaz Sharif-led administration in its tax-heavy budget passed in June, set out an ambitious taxation plan to boost its prospects of securing a fresh bailout deal with the International Monetary Fund (IMF).