M&N Tax Consultants

22/01/2021

Attention ⚠️

20/01/2021

Good news:
FBR decides against imposing penalty on late income tax returns filers.

Federal Board of Revenue (FBR) has decided to not impose a penalty on late filers across the board owing to technical and non-technical hurdles in the filing of returns.

Sources told The News that the board softened its stance on the imposition of penalty on income tax returns late filers for the tax year 2020-21. Although, the tax authority hasn't imposed any fine yet the penalty has been under discussion for a while.

"Fines and penalties on late filers are not meant to boost revenue collection but used as a tool to deter against late filing," said Ashfaq Ahmed, a member of the Inland Revenue Operations at the FBR.

The FBR official said late filers were liable to fines and penalties but the board may decide on a case-to-case basis.

It may be added here that the last date for income tax returns was December 8, 2020, for salaried and business individuals, taxpayers falling under the final tax regime, and companies with a special tax year.

The last date to file returns for corporate taxpayers was December 31, 2020. No further extension has been granted.

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