Federal Board of Revenue (FBR) will start charging Rs. 1000 per day to late anyone who is late in filing their income tax returns as per ARY News. The final date for filing your income tax returns for TY-2021 was 15 October 2021.
According to the details, the FBR has failed to achieve a target of increasing number of income tax filers to 3.5 million despite extending the final date to file tax returns. FBR Spokesperson has confirmed that late tax filers will now be charged Rs. 1000 fine per day and they could be imprisoned for up to two years as well.
It is pertinent to mention that FBR has received a record high tax returns of 2.6 million people, which amounts to Rs. 48.6 billion compared to 1.8 million tax returns amounting to Rs. 29.6 billion on closing date of 8 December 2020. “This signifies 45% growth in filing of tax returns while 64% growth in tax paid with returns.” said FBR Spokesperson.
FBR has received record high 2.6 M returns and Rs.48.6 B tax paid with returns as against 1.8 M returns and 29.6 B tax paid with returns on closing date, 8th Dec.2020. This signifies 45% growth in filing of tax returns while 64% growth in tax paid with returns.