Taxation
Number of active taxpayers dropped by 30%
The 2.2 million tax return filers were only one-third of those who have valid National Tax Numbers (NTNs). They were doing business in Pakistan but did not file tax returns. This means…
#PenaltyForLateFilingOfIncomeTaxReturnInPakistan
4 articles
Updates
Penalties will not be imposed on late filers of income tax returns: FBR
Federal Board of Revenue (FBR) has softened its stance on imposing fines on late filers in the tax year 2020-21. Although the tax authority has not imposed any fines, the fines have…
Taxation
Taxpayers are still allowed to file income tax returns: FBR
For the betterment of the taxpayers, the FBR has clarified that they should file their tax returns. As soon as possible as those who file late returns will be penalized accordingly. It…
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…