New FBR Trick: Taxpayers Will Be Categorized as Late Filers for Filing Returns After Due Date

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.