Islamabad: The Federal Board of Revenue (FBR) has decided to remove names of the tax-filers filling their returns later than the given deadline from the list of active taxpayers, reported a news source. This will leave them with paying taxes according to the percentages applicable on the non-filers of income tax returns.<\/p>\n
An FBR officer told the news media that the board has decided to remove the Income Tax Ordinance Section 214D for audit selection of tax-filers. It has also recommended addition of a sub-section in the Income Tax Ordinance, according to which those who will file their tax returns after the deadline expires will be treated as non-filers, where they will be paying taxes on all kinds of trade and immovable transaction according to the rates defined for the non-filers.<\/p>\n
After the approval of Finance Bill 2001 from the parliament, and signature of the Pakistan president, the act will be in effect.<\/p>\n
The approval of the finance bill with Income Tax Ordinance Section 214D removed, several hundreds of tax-filers will be exempted from the audit, and they will also be not part of the FBR\u2019s active taxpayers list.<\/p>\n
Through this amendment, the FBR is hoping to receive additional revenue worth hundreds of million rupees, and discourage the trend of filer income tax returns after the due date.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad: The Federal Board of Revenue (FBR) has decided to remove names of the tax-filers filling their returns later than the given deadline from the list of active taxpayers, reported a news source. This will leave them with paying taxes according to the percentages applicable on the non-filers of income tax returns. An FBR officer told the news media that the board has decided to remove the Income Tax Ordinance Section 214D for audit selection of tax-filers. It has also recommended addition of a sub-section in the Income Tax Ordinance, according to which those who will file their tax returns after the deadline expires will be treated as non-filers, where they will be paying taxes on all kinds of trade and immovable transaction according to the rates defined for the non-filers. After the approval of Finance Bill 2001 from the parliament, and signature of the Pakistan president, the act will be in effect. The approval of the finance bill with Income Tax Ordinance Section 214D removed, several hundreds of tax-filers will be exempted from the audit, and they will also be not part of the FBR\u2019s active taxpayers list. Through this amendment, the FBR is hoping to receive additional revenue…<\/p>\n","protected":false},"author":18,"featured_media":26795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[6674],"persona":[],"class_list":["post-38249","post","type-post","status-publish","format-standard","has-post-thumbnail","tag-details-on-late-tax-filers-will-not-receive-any-benefits"],"acf":[],"yoast_head":"\n