ISLAMABAD – The deadline for filing income tax returns is tomorrow, after which heavy fines will be imposed on late filers.
Sources said the category of late filers will be completely abolished in the country from October 1.
According to reports, the fine for filing tax returns late will be increased from Rs1,000 to Rs25,000. The penalty for late-filing associations of persons (AOPs) will rise from Rs10,000 to Rs50,000, while companies will face a fine of Rs100,000 instead of Rs20,000.
According to an FBR spokesperson, September 30 is the last date for filing income tax returns. Taxpayers have also been advised to submit the relevant documentary evidence along with their returns.
The spokesperson said action may be taken against those who conceal information about their assets or provide incorrect details. Bank accounts and other means may also be used to recover outstanding tax amounts.
