Non-Filing of Returns to Attract Substantial Penalties

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June 6, 2016

Non-Filing of Returns to Attract Substantial Penalties

A minimum penalty of Rs 20,000 may be imposed by the Federal Board of Revenue (FBR) where any person fails to furnish return of income and statement as required under Section 114 & 115 of the Income Tax Ordinance, 2001 within the due date, which is now October 31, 2013 for tax year 2013.

Read full Business recorder story here http://www.brecorder.com/taxation/181:pakistan/1242422:failure-to-furnish-it-return-will-lead-to-fine/?date=2013-10-19

 

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