LAHORE MIRROR — The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns to October 15, according to an FBR notification.
The extension comes as the tax authority prepares to abolish the late-filer category from October 1. Under the revised regime, taxpayers filing after the deadline will face higher charges.
According to FBR sources, the amount payable by individual taxpayers for late filing will increase from Rs1,000 to Rs25,000, while the charge for an association of persons (AOP) will rise from Rs10,000 to Rs50,000. For companies, the amount will increase from Rs20,000 to Rs100,000.
The FBR has also warned taxpayers against concealing assets or providing inaccurate information in their returns. Action may be taken against those found involved, while the authority can use bank accounts and other available means to recover outstanding amounts.
The FBR has been strengthening its data systems to identify discrepancies in taxpayers’ income, assets and financial transactions. Taxpayers have been advised to submit accurate and complete information to avoid penalties and legal action.
