Islamabad: The federal government has raised the penalties for various tax offences through Finance Bill 2019, a news source reported.
Of the changes notified, the minimum penalty for concealing income has been raised from PKR 20,000 to PKR 100,000; the penalty for non-filing of returns has been raised to PKR 40,000, and for erroneous calculation in return has been raised to PKR 30,000.
The government, through the Finance Bill 2019, made amendments to the Section 182 of the Income Tax Ordinance 2001; raising penalties for various tax-related offences.
As per reports, where a person is required to file income returns under Section 114 of the Income Tax Ordinance, and they do not do so within the stipulated timeframe, they will be liable to pay a minimum fine of PKR 40,000.
Moreover, those who fail to submit their wealth statement will have to pay a fine of PKR 100,000. Individuals who fail to get themselves registered under the Income Tax Ordinance will have to pay a fine of PKR 10,000.
