ISLAMABAD: Federal Finance Minister Ishaq Dar has decided that the taxpayers who file their returns for tax year 2014, by or before 5th December, 2014 should be exempted from payment of penalty for late filing of return and default surcharge for late payment of tax.
It is worthy to note that Customs Today had predicted that FBR would extend the date of tax returns filing till Nov 30 to facilitate the taxpayers.
A number of representations have been received from Pakistan Tax Bar Association, Pakistan Tax Advisors Association, FPCCI, various chambers of Commerce & Industry and other various professional/business/trade bodies requesting the extension in the last date of filing of returns for tax year 2014, which was already extended on the demand of the taxpayers more than once, first for salaried persons from 31-8-2014 to 30-09-2014, then for all taxpayers from 30-09-2014 to 31-10-2014 and then to 21-11-2014. FBR has brought the request of the taxpayers to the notice of Federal Finance Minister, Ishaq Dar, and it has been decided that the date for filing of returns should not be further extended.
However, in order to facilitate the taxpayers who are really keen to file their returns but could not file due to some genuine problems, it has been decided by the Federal Finance Minister that the taxpayers who file their returns for tax year 2014, by or before 5th December, 2014 should be exempted from payment of penalty for late filing of return and default surcharge for late payment of tax .
FBR has impressed upon all taxpayers to file their returns as early as possible so that they don’t face any difficulty to file return on last date. After 5th December, 2014, non filers will be issued notices for levy of penalty. It may be noted that the minimum amount of penalty is Rs. 20,000/-. Default surcharge for late payment of tax will also be charged under section 205 of Income Tax Ordinance, 2001. It may also be noted that if the return is not filed by a taxpayer even by 5th December, 2014, penalty and default surcharge will be levied w.e.f. 22-11-2014.