Islamabad: The FBR (Federal Board of Revenue) announces deadline for taxes on income, vehicle, and property in Pakistan. The announcement reminds all the taxpayers of approaching deadline without further extension.
As per the notice issued on 18th November 2020, the authority has asked the tax filers to pay their income tax returns before 8th December 2020 and stated that the afore-mentioned deadline will not be stretched at any cost.
Referring to Section 114 of Income Tax Ordinance 2001, the authority released the statement and stated that homeowners with 500 sq yd properties and vehicle owners of 1,000CC or above are liable to file their income tax returns before the mentioned date.
In addition, people with more than PKR 300,000 income and commercial electricity connection applicants exceeding PKR 500,000 annually are also obligated to file the income tax returns. Meanwhile, filing tax has been marked mandatory for employees with over PKR 600,000 annual salaries.
The taxation department has also given a heads up for strict action against individuals who failed to pay their taxes before the deadline.
For more information, you can navigate to the official website of the Federal Board of Revenue. Scroll down the homepage and click on ‘Orders/Circulars’ under ‘Legal Resources/Publications’ section. The section is divided into several categories and you can get latest updates on income tax, jurisdiction orders on wealth, capital and income taxes, federal circulars, and more.
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