The Federal Board of Revenue (FBR) has decided to not extend the date for filing tax returns.
According to the FBR, failure to submit income tax returns will result in a daily fine of Rs1,000 and non-filers will be sentenced to two years in prison.
Individuals and associations with more than Rs300,000 in business income per annum are required to submit tax returns. Apart from that, salaried persons earning more than Rs600,000 per annum and owners of 500 square yards houses or flats are also required to file returns.
Vehicle owners of 1,000cc or larger and industrial consumers who pay more than Rs500,000 in electricity bills per annum are also required to file tax returns.
The last date for the submission of tax returns is September 30.
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