INCOME TAX DUE DATES

When is due date for this year filing

The Income Tax Due Dates in Pakistan are set by the Federal Board of Revenue (FBR) for various tax returns, payments, and filing obligations. Below is a general outline of key due dates for income tax filings in Pakistan:

1. Annual Income Tax Return Filing

• Individuals (Salaried, Businessmen, and Others)

  • Due Date: September 30th of the tax year (i.e., for the tax year 2024, the due date is September 30, 2024).

  • Extension: FBR may grant extensions for filing returns, typically for 30 days.

• Companies

  • Due Date: September 30th for companies whose financial year ends on June 30th.

  • Extension: Similar to individuals, the FBR may grant an extension for companies.

2. Quarterly Advance Tax Payments

• Advance Tax for Salaried Individuals

  • Due Dates: Advance tax is paid in four quarterly installments based on estimated income. The due dates are:

    • 1st Quarter (July to September): September 30th

    • 2nd Quarter (October to December): December 31st

    • 3rd Quarter (January to March): March 31st

    • 4th Quarter (April to June): June 30th

• Advance Tax for Companies

  • Due Dates: Companies must pay advance tax in four quarterly installments. The deadlines align with those for individuals but are based on corporate financial cycles.

    • 1st Quarter (July to September): September 30th

    • 2nd Quarter (October to December): December 31st

    • 3rd Quarter (January to March): March 31st

    • 4th Quarter (April to June): June 30th

3. Payment of Income Tax by Employers

• Salaried Individuals (Tax Deducted at Source)

  • Due Date for Payment: Employers must deposit the tax deducted from employees’ salaries to the FBR by the 7th of the following month.

  • Example: The tax deducted for the month of January must be deposited by February 7th.

4. Tax Year End and Tax Filing Deadline

• Tax Year: The tax year in Pakistan runs from July 1st to June 30th of the next year.

• Tax Filing for Corporate Entities: Companies need to file their tax returns within 90 days of the end of their financial year.

5. Tax on Foreign Income (If Applicable)

• If you are a Pakistani resident earning foreign income, tax obligations for foreign income are generally included in the annual return.

  • The due date for foreign income disclosure follows the same filing dates as the annual income tax return.

6. Final Taxation on Non-Residents and Specific Income Sources

• For income such as dividends, interest, or royalties earned by non-resident individuals or companies, tax is generally withheld at source by the payee, and there are specific filing dates for tax reconciliation.

7. Filing of Wealth Statement

• Due Date: September 30th of the assessment year (for individuals whose annual income exceeds Rs. 1 million).

• Wealth statements must be filed in conjunction with the income tax return, especially for individuals with higher incomes or those holding significant assets.

Important Notes:

• Late Filing Penalties: If you miss the due date for filing returns or payments, you may be subject to penalties and interest charges.

• Extension Requests: The FBR allows individuals and companies to request an extension of 30 days beyond the original due date for filing returns.

• Electronic Filing: FBR requires electronic filing (e-filing) for income tax returns via their IRIS portal.