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HomeLatest NewsLate income tax returns filers unlikely to face fine

Late income tax returns filers unlikely to face fine

Karachi: According to recent reports, the Federal Board of Revenue (FBR) has decided not to impose a penalty on late filers across the board owing to technical and non-technical hurdles in the filing of returns.

Read More: Tax payments surpassing Rs.1 million to be paid online: FBR

According to sources, the FBR has lessened its stance on the obligation of penalty on income tax returns late filers for the tax year 2020-21. Although, the tax authority has not imposed any fine, yet the penalty has been under discussion for a while.

It may be added here that the last date for income tax returns was December 8, 2020, for salaried and business individuals, taxpayers falling under the final tax regime and companies with a special tax year. The last date to file returns for corporate taxpayers was December 31, 2020. No further extension has been granted.

Read More: FBR encourages income tax proposals for Budget 2021-2022

The tax official informed the KTBA the FBR is taking strict action against non-filers and will initiate prosecution against non-compliant taxpayers.

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