ISLAMABAD: Federal Board of Revenue (FBR) has asked persons/companies having taxable income to file their income tax returns for tax year 2019 by November 30, 2019 to avoid harsh penalties including imprisonment up to three years.
The FBR on October 31, 2019 extended the last date for filing income tax returns up to November 30, 2019. The cutoff date for filing returns tax year 2019 was September 30, 2019 in case of salaried persons, business individuals, Association of Persons (AOPs) and companies having special tax year.
The FBR granted first date extension on September 30, 2019 and extended up to October 31, 2019. However, on the request of the stakeholders the FBR further extended the last date up to November 30, 2019.
FBR spokesman in a tweet message asked persons having taxable income to file their income tax returns for tax year 2019 by November 30, 2019 in order to avoid harsh penalties including fine for late filing and imprisonment of one to three years in case of deliberate ignoring mandatory requirement under the statute.
The spokesman said that in case persons failed to file their returns for tax year 2019, then they would be liable to pay double rate of withholding tax. “FBR will assess the applicable tax without serving any notice,” according to the message.
“Legal action will be taken resulting into imprisonment of one to three years,” it added.
Besides, fine will be charged on late submission of income tax returns.
The FBR said that the persons who filed their income tax returns by due date would be added to Active Taxpayers List (ATL), which would be issued on March 01, 2020.
Through Finance Act, 2019 an important 10th Schedule was inserted to Income Tax Ordinance, 2001. Under the schedule persons not appearing on the ATL will be liable to 100 percent more rate of withholding tax on various transactions.
