Karachi, September 22, 2024 – The Federal Board of Revenue (FBR) has announced its decision to utilize Artificial Intelligence (AI) for an in-depth examination of income tax returns and wealth declarations submitted for the tax year 2024. This strategic shift is part of FBR’s broader initiative to modernize tax compliance processes and enhance the accuracy and efficiency of its auditing mechanisms. According to insider sources at the FBR, the organization has made comprehensive arrangements to conduct a meticulous AI-based examination of declared incomes and assets. The AI system will evaluate the tax returns based on specific benchmarks, allowing the FBR to identify discrepancies, underreporting, or potential tax evasions with greater precision. Focus on High-Value Transactions Individuals conducting substantial banking transactions during the tax year are expected to be a primary focus of the AI examination. The FBR has noted a record increase in banking deposits as of June 30, 2024, and plans to scrutinize these transactions rigorously. In addition to banking activity, AI will monitor high-value property deals, vehicle purchases, and international travel, all of which are typically indicators of taxable income that may not be fully declared. The application of AI aims to streamline the process of identifying potential tax discrepancies, ensuring that individuals and businesses comply with the tax code and contribute their fair share to the national exchequer. The FBR’s reliance on data-driven technology reflects a shift towards a more proactive approach to tax collection, minimizing human error and inefficiencies in the audit process. FBR Determined to Enforce Deadline The FBR has made it clear that the deadline for filing income tax returns for the 2024 tax year will not be extended beyond September 30, 2024. In a statement made earlier, FBR spokesperson Bakhtiar Muhammad emphasized the importance of timely submissions, urging citizens to avoid a last-minute rush. He cautioned that no grace period or filing extensions would be granted, reinforcing the urgency of adhering to the deadline. “Taxpayers must submit their returns promptly,” said…