ISLAMABAD: The Federal Board of Revenue (FBR) has again reminded the taxpayers to file their Annual Income Tax Returns before the last date, ie, 8th December, 2020.
The FBR has further clarified that according to Section-114 of Income Tax Ordinance-2001 that whoever owns immoveable property with a land area of 500 square yards or more or owns a motor vehicle having engine capacity above 1000cc is liable to file Annual Income Tax Returns.
Further, holder of commercial or industrial connection of electricity, where the amount of annual bill exceeds Rs 500,000 or an individual whose income from business exceeds Rs 300,000 is also required to furnish return of income.
The salaried person having annual income of Rs 600,000 or more is also liable to file the returns. The FBR has warned that those who fall in taxable income and don’t file returns will be dealt strictly in accordance with law.—PR
Copyright Business Recorder, 2020