ISLAMABAD: The Federal Board of Revenue has extended the deadline for filing income tax returns to October 15, giving taxpayers additional time to submit their returns.
According to an FBR statement issued Wednesday, the last date for filing income tax returns has been extended from the previously announced deadline to October 15.
The extension comes as the government prepares to abolish the “late filer” category from October 1, according to sources.
Sources said taxpayers who file returns after the deadline could face higher penalties. The fine for individual late filers is expected to increase from Rs1,000 to Rs25,000, while the penalty for associations of persons could rise from Rs10,000 to Rs50,000.
For companies, the penalty could increase from Rs20,000 to Rs100,000, according to the sources.
An FBR spokesperson said taxpayers could face action for concealing assets or providing incorrect information in their returns.
The spokesperson added that the FBR could use various means, including bank accounts, to recover outstanding tax liabilities.
Earlier, The Federal Board of Revenue (FBR) has decided to seal registered business premises that fail to connect with its electronic monitoring system.
The FBR has issued a notification amending the Sales Tax Rules, 2006, allowing action against registered businesses that do not comply with the monitoring requirements.
Under the amended rules, businesses will be required to install production monitoring, video surveillance or a Digital Eye system and connect it with the FBR's monitoring system.
