The Federal Board of Revenue (FBR) has reported a significant increase in income tax return filings for the tax year 2024, with a total of 4.821 million returns received by October 26. This figure represents an increase of 2.4 million returns compared to the same period in the previous fiscal year, when 2.407 million returns were filed.

The surge in filings has also resulted in a substantial rise in tax collection. The FBR has collected Rs. 123 billion through these returns, more than double the Rs. 56.55 billion collected by the same date in the previous fiscal year.

Additionally, the FBR has noted a positive trend in new tax filers, with 528,638 individuals submitting their income tax returns for the first time in FY2024.

Despite the impressive numbers, the FBR has reiterated that the deadline for filing income tax returns will not be extended beyond October 31, 2024. This deadline was previously extended on October 14 to give taxpayers additional time to comply with their obligations.

Taxpayers are urged to take advantage of this extension, which ends next week, to avoid penalties and ensure compliance with tax regulations.