Wednesday, December 2, 2020

Last date of submitting earnings tax returns is Dec Eight and will not be prolonged: FBR

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ISLAMABAD: The Federal Board of Revenue (FBR) has  as soon as once more reminded all tax payers to file their earnings tax returns by December 8, 2020, which is the ultimate  date and won’t be  prolonged additional.The FBR, in an official  assertion on Twitter, stated that below Section 114 of Income Tax Ordinance 2001, it’s compulsory on all these individuals who have their homes constructed on greater than 500 sq. yards, or personal autos of 1,000 CC or extra, to file their tax returns.Those individuals who have subscribed to a industrial connection for electrical energy and whose annual invoice is greater than Rs500,000 or these individuals whose enterprise earnings exceeds Rs300,000 per 12 months are additionally liable to file  tax returns.Filing tax returns can also be necessary for salaried individuals, receiving earnings of greater than Rs600,000.The FBR has warned that authorized motion will probably be taken towards individuals not submitting their returns on time.

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