The Federal Board of Revenue (FBR) has again extended the deadline to file the tax return for the financial year 2018. The official circular No. 12/2019, for the notification, was issued on 2nd Aug 2019 by the revenue board in which the deadline has been extended till 9thAug 2019.
The last extended date expired on 2nd Aug 2019, and a fresh extension has been announced to further facilitate the potential taxpayers. Earlier, the board had already extended the deadline for the said financial year several times.
FBR managed to get the highest number of tax returns in the history as the deadline for filing was expended multiple times and an additional opportunity in the shape of Asset Declaration Scheme was also given. Around 2.1 million record returns were received by the revenue board which is expected to be increased to 4 million in the tax year 2019 as per the key policy to increase the tax net.
The revenue board is also gearing up to take action against 8 to 10 million non-tax filers who own 1000cc or above vehicle or a property measuring five hundred square yards or larger. The proposed action will be taken in multiple phases, and in the first phase, the board has decided to issue notices to over 100,000 non-tax filers. The movement will start from the urban areas, which will be further extended to the rural areas in the next phase. In the recent phase, hard copies of the notices will be sent via courier, and e-copies will also be sent via email and SMS.
The board also notified the penalties for non-filers, according to which Rs.40,000 will be imposed on individuals for not filing tax. Further, Rs.100,000 would be imposed on individuals for stating any falsified information in return.
