All earning individuals in Pakistan have a necessary obligation to file their income tax returns. It helps maintain transparency and improves the national economy. Being an active tax filer provides benefits like lower tax rates and more convenient loan applications.
In contrast, those who do not file their taxes deal with fines and added taxes on their routine transactions. To avoid those fines, you have to file your taxes. The last date of the income tax return is getting closer. File straight away to ensure you don’t experience any trouble.
The Last Date of Income Tax Return for 2024
September 30th, 2024, is the due date of income tax return. Failure to reach the deadline can result in important penalties and a listing among inactive taxpayers.
Moreover, it can increase the withholding tax rates for banking transactions and investments. Filing by the submission deadline, September 30, will protect you from these fines and help you comply with the FBR.
Consequences of Missing the Deadline
- Prohibition on Property Purchases: Not filing will prevent people from buying real estate.
- Prohibition on Vehicle Purchases: Non-filers will have restrictions on buying any motor vehicle.
- Prohibition on International Travel: Those who do not file won’t be able to go overseas.
- Prohibition on Opening Current Accounts: Only those who file can open new bank accounts.
- Restriction on Applying for Loans: People who do not file will not have access to bank loans.
- Restriction on Registering a Company: Being a non-filer prevents registering your new business.
- Restriction on Enjoying Tax Exemptions: Not filing stops individuals from getting advantages from tax exemptions.
Steps to File Your Income Tax Return in Pakistan
The FBR online portal makes it easy to file your taxes in Pakistan. Here’s how to do it:
- Go to your account on the FBR website. If you don’t have one, create a new one.
- Press’ Income Tax Return’ and select the applicable tax year.
- Put your income information and any tax exemptions into the form.
- Review and submit the form.
Sidekick provides expertise in tax filing for those who want professional support to file their taxes correctly and adhere to the deadline. Sidekick simplifies the process, supports compliance with tax regulations, and helps you avoid penalties.
Sidekick: Your Professional Tax Filing Assistant
In Pakistan, Sidekick is a trusted tax filing service that streamlines individuals’ and businesses’ entire tax filing experience. From your first experience with forms to dealing with elaborate tax issues, Sidekick ensures that your tax filing is correct and submitted before the FBR’s last date of income tax return.
Through the support of our skilled team and pricing that fits your budget, you can remove the stress of tax season and perfectly comply with all FBR regulations. Have Sidekick deal with the filing pressure while you focus on what matters the most.
Tips for Filing Before the Last Date of Income Tax Return
To avoid last-minute stress, you should start your tax filing process early. Collect important files and documents, including income statements, tax deductions, and expense records.
If you’d like clarification, consult with professionals like Sidekick to verify that your return is properly filed by the final income tax due date. Early filing gives you the time necessary to solve problems before the deadline.
Benefits of Being an Active Tax Filer
Active tax filers have access to many benefits. You enjoy lower tax rates for banking transactions, transactions related to property, and investments. On top of that, loan approvals, visa applications, and government incentives become much more manageable.
Those who file actively avoid fines and high tax rates compared to non-filers. To maintain your filer status and take advantage of these advantages, filing before September 30, 2024, is important. Filing your taxes on time will maintain a positive standing with tax authorities.
Final Reminder: File Before the Last Date
You should submit your income tax returns before the deadline to avoid penalties and higher tax duties. Don’t delay until the final hour. Decide to meet your financial compliance obligations at the earliest opportunity. Use Sidekick to do your taxes effectively and well ahead of the last date of your income tax return for peace of mind.