The Federal Board of Revenue (FBR) has set September 30 as the final deadline for filing income tax returns. Taxpayers are urged to meet this deadline, as the FBR has indicated that no extension will be granted. The FBR has issued a stern warning that legal action will be taken against those who fail to file their returns by the deadline. Defaulters will incur a daily penalty of 0.1% of the due tax amount. For individuals, the minimum fine is Rs1,000, while businesses and corporations could face a minimum penalty of Rs50,000.
Additionally, the FBR has emphasized that individuals with foreign travel records, substantial bank balances, or ownership of properties, houses, or vehicles must submit their returns. Non-compliance will result in severe penalties.
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Shopkeepers and traders who have not registered under the trader-friendly (Tajir Dost) scheme will also face strict measures. Unregistered shops will be sealed for seven days initially, with the closure extended to 20 days for repeated offences. The first default will incur a fine of Rs50 million, with subsequent defaults resulting in penalties of Rs200 million each. The FBR’s stringent actions are designed to enhance tax compliance and broaden the tax base, urging all eligible taxpayers to fulfill their obligations to avoid penalties and legal repercussions.
