ISLAMABAD: The Federal Board of Revenue (FBR) has announced an automatic closure policy for over a million late filers of tax returns, saying they could avail the opportunity for automatic closure of audit by paying the penalty or higher tax than the previously-filed return, a news source has reported. The deadline ends on December 31.
FBR said that the late filers of returns for tax years 2015, 2016 and 2017 were selected for audit under Section 214-D of the Income Tax Ordinance, adding that as many as 1,022,000 taxpayers will benefit from the facility.
FBR Member Taxpayers’ Audit Nausheen Javaid Amjad urged late filers of tax returns selected under Section 214-D to avail the facility by paying penalty or higher tax than previously filed return – whichever is applicable under the law.
She said that salaried individuals or those whose income falls under the category of FTR/PTR have to pay penalty only to close their audits, adding that FBR has a tab dedicated for the task on its official website.
Explaining the process, she said the concerned commissioner in regional tax offices will approve the said request in three days or the system will automatically allow revision on the fourth day.
It will then automatically calculate the tax due in both categories and will close the tax proceedings once the payment is made and relevant CPR attached and submitted.
