Pakistan, Sept. 30 -- Pakistan's Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns to October 15. The FBR announced the extension on Wednesday, providing taxpayers additional time to complete and submit their returns.

Read More: FBR begins receiving annual income tax returns, sets September 30

Earlier, sources said the government planned to abolish the late-filer category from October 1. The move was expected to introduce higher penalties for delayed tax returns.

Under the reported changes, the penalty for individuals filing late could increase from Rs1,000 to Rs25,000. The penalty for late-filing associations of persons could rise from Rs10,000 to Rs50,000.

For companies, the penalty was expected ...