📌 Key Highlights & Quick Takeaways:
- FBR has warned non-filers of income tax returns that heavy penalties will be applicable from November 1.
- According to media reports, FBR sources claimed that the last date for submission of income tax returns has been fixed on October 31. Heavy.
- Along with this, the category of 'late filer' will be abolished in the country from November 1 and the term 'non-filer' will be left directl.
FBR has warned non-filers of income tax returns that heavy penalties will be applicable from November 1.
According to media reports, FBR sources claimed that the last date for submission of income tax returns has been fixed on October 31. Heavy penalties should be imposed on those who file late returns from November 1.
Along with this, the category of 'late filer' will be abolished in the country from November 1 and the term 'non-filer' will be left directly, and the penalty for late payment on income tax returns for non-filers will increase manifold.
According to FBR sources, heavy non-filer penalty will be applicable instead of late fee for non-filing of returns from November 1. Under the new priorities, the penalty for not submitting the individual return on time should be increased to 25 thousand rupees instead of 1 thousand rupees.
