Monday, July 22, 2024

PKR 1,000 Surcharge on Late Filing of Income Tax from Individuals

FBR- The Federal Board of Revenue has recently clarified that lower rate of about RS 1,000 will be charged from each individual on the late filing of their income tax returns like for year 2020, the tax year for their inclusion in ATL- the Active Taxpayers’ List.

Surcharge for the inclusion in ATL for all late filing individuals is only RS 1,000 not RS 10,000. However, the mistake regarding this error was highlighted in the press release of 24 Feb, as per the spokesperson of FBR.

Moreover, the companies would be paying a surcharge of about RS 20,000 and the person’s association RS 10,000 for their inclusion in the ATL as per the official sources.

Mehjabeen Qasim
Mehjabeen Qasim
Business Journalist at Startup Pakistan

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