The Federal Board of Revenue (FBR) reminded again to submit income tax returns by the December 8, 2020 deadline. Otherwise it will not be further extended.
Which Persons required to submit tax returns ?
The FBR said in an official tweet that under section 114 of the Income Tax Ordinance 2001, all persons who have houses consisting of 500 square yards or vehicles of one thousand cc or more submit there tax returns.
Which business individuals required to submit tax returns ?
People with a commercial electricity bill of more than ، 500,000 or individuals with a business income of more than 300,000 a year also required to file tax returns.
Limit for submission of tax return for salaried individual
Salaried individuals earning Rs. 600,000 or more per annum also bound to file income tax returns. The FBR also warned that those who do not submit their returns on time may face prosecution according to the law.
