Budget
Penalty for Non Filing of Annual Income Tax Returns 2021
A penalty of Rs1,000 each day of default has been implemented from Saturday after the expiry of return filing date on October 15, 2021. A new amendment has been made part to…
#DefaultSurchargeFBR
2 articles
Taxation
Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status
Offence: Where any person fails to furnish a return of income as required under section 114 within the due date. Penalties: Such person shall pay a penalty equal to 0.1% of the…