Pakistan’s Tax Authority has warned Late Tax Filers that heavy penalty will be imposed if Tax not filed within fifteen days concessionary period granted to them. As per the estimates of Federal Board of Revenue (FBR), there are roughly 300,000 Filers who haven’t filed Tax by Deadline of 8-December-2020 and requested extension. On the request of extension. FBR has granted a fifteen days concessionary period for filing tax with a warning that tax to be filed within the prescribed period to avoid a penalty of Rs. 40,000.
Previously, FBR in a surprise move decided not to extend the General Tax filing Date, instead of setting a mechanism where Individual Filer himself file a request for extension up to fifteen days.
FBR has mentioned that if they fail to file the returns within the extended period, the FBR will take action against them that will include the imposition of a penalty of Rs. 40,000 on each person.
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