Income Tax Return Last Date is 8 December, 2020.
Federal Board of Revenue (FBR) has issued new notification to extend the last date/ due date to file the income tax returns for the tax year 2020.
Citizens of Pakistan have got another opportunity from the FBR by extending the last date to file the income tax return.
Any Individual, company or association of person who have missed to file the income tax return, can now file their return before 8 December, 2020 for the tax year 2020.
Official notification of due date extension is as under
Who has to file income tax returns?
Filing income tax return is necessary if you have
- Plot of 1 canal or more
- Vehicle 1000 cc or above
- Salary or other income equals or more than 400,000 rupees
- If you are industrial or commercial consumer of electricity and your annual Bill equals or exceeds 500,000 rupees
- If you are member of any association of business, industry or trade
- Pakistani nationals having income source or assets in abroad
- Companies who conduct financial closing before 31 December
- NGO or Social Welfare Organization
Filers and Non Filers
If non-tax payer again failed to file their income tax returns by the extended due date provided by FBR Pakistan then 0.1 % of the tax payable will be charged as penalty to that individual, company or association of person.
Tax Payers have many benefits over the non-payers
| Categories | Filer | Non Filer |
|---|---|---|
| Vehicle | Can Purchase any vehicle at any time | Can’t Buy any vehicle at any time |
| Property Purchase | No restrictions | Can’t Buy any property above 50 Lacs |
| Withholding Tax | Normal | Non Filers pay 1.5 to 2 times more tax than filers |
Similarly bank deposits and other cash transactions also have different rated for filer and non filers
Become the filer and active tax payer to take benefits in every type of transaction in the future that can save you from extra deduction as penalty being non-filers. Another reason to file your income tax return is that it is our responsibility on our part to help the government in documenting the economy.
