As of September 30, the Federal Board of Revenue (FBR) has declared that income tax returns must be filed by this date.
It is strongly advised that taxpayers nationwide fulfill the deadline, as the FBR has said that an extension of the submission date has not been decided upon.
The Federal Bureau of Revenue issued a strong warning, stressing that failure to file returns by the deadline will result in legal action being taken against organizations and individuals. There is a daily penalty of 0.1% of the outstanding tax amount for those who fail to pay their taxes.
While companies and other entities may be subject to a minimum penalty of Rs50,000, individuals are only subject to a punishment of Rs1,000.
Furthermore, as explained by the FBR, people who own cars, homes, or other real estate, have bank accounts, or have foreign trip records must always file their taxes on time. Serious consequences will follow noncompliance with these standards.
A further announcement made by the FBR was that retailers and traders who have not enrolled in the trader-friendly Tahir Dost program may face consequences. Shops without registration that are discovered to be in default will first be closed for seven days; if repeated offenses occur, the closure period will be increased to twenty days.
Shopkeepers who disregard the regulations may also be subject to steep fines. There is a penalty of Rs 50 million for the first default and Rs 200 million for each consecutive default.
All qualified taxpayers must comply with the law, and the FBR’s stringent regulations are designed to increase tax compliance and expand the revenue base. It is urged that, in order to avoid fines and legal action, taxpayers submit their returns on time.
