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FBR recovers Rs06m from bank account of Formanite Housing Society

FBR recovers Rs06m from bank account of Formanite Housing Society

LAHORE: The Federal Board of Revenue, after freezing the bank accounts of the Formanite Housing Society, recovered Rs06million in the wake of Income Tax.

According to sources of Customs Today that the FBR had issued many notices to Formanite Housing Society for the payment of Income Tax from the year of 2007 to 2011 but the management did not pay any attention towards them. The said society has been defaulter despite earning millions from the sale of plots.

Sources of Customs Today said the process of recovery of Income Tax continues and all the pending amount of Income Tax will be recovered soon.

The action was taken by Deputy Commissioner Abdul Rauf Mayo and Inspector Muzafar Ali after attaching the bank account of The Bank of Punjab Phase-6, Defense Housing Authority Lahore.

In another action, the FBR has also recovered Rs450000 from the bank account of a citizen named Iqra Ghazi against the Income Tax. The FBR sources said Iqra Ghazi has been a defaulter of Income Tax since 2014.

She was issued with many notices but did not submit her wealth statements. Iqra Ghazi is a resident of Sabza Zar Lahore and FBR has taken this action after attaching her bank account in the NIB Branch of Allama Iqbal Town.

FBR inspector Waqar Haider Shah and Muhammad Akram Haider conducted said action against Iqra Ghazi.

Earlier, the Federal Board of Revenue had also issued notices to a number of citizens including some engineers, doctors and traders. All of the notices were served against the non-submission of Income Tax statements from Fiscal Year 2014 to 2016.