The last date for filing income tax returns ends tomorrow.
ISLAMABAD – The last date for filing income tax returns is tomorrow, after which heavy penalties will be imposed on late filers.
Sources say that from October 1, the category of late filers will be completely abolished in the country.
According to reports, the penalty for late submission of tax returns will be increased from Rs 1000 to Rs 25000. The penalty for late filing Associations of Persons (AOPs) will increase from Rs 10,000 to Rs 50,000, while companies will face a penalty of Rs 100,000 instead of Rs 20,000.
According to the FBR spokesperson, the last date for submission of income tax returns is September 30. Taxpayers are also directed to submit relevant documentary evidence along with their returns.
The spokesman said that action may be taken against those who hide information about their assets or provide false details. Bank accounts and other means can also be used to recover tax arrears.
The post Last date for submission of income tax return ends tomorrow appeared first on Daily Pakistan English News.
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