Federal Board of Revenue (FBR) Chairman Ali Arshad Hakim has said that the Board will issue notices to 0.18 million salaried individuals, who failed to file their income tax returns. In response to a query, Ali Arshad Hakim said that these individuals have salaried income of over Rs 500,000, but they failed to discharge their legal obligations for filing of income tax returns within time specified under the law.

The FBR will issue statutory notices to the non-filers within salaried class and they would also be liable to pay penalty of Rs 5,000 as admissible under the law, the FBR Chairman added. The FBR has issued instructions to the Chief Commissioners of Regional Tax Offices for compliance. A tax expert said the penalty under Section 182 of Income Tax Ordinance 2001, which may be equal to 0.1 percent of the tax payable for each day of default subject to minimum penalty of Rs 5,000 and a maximum penalty of 25 percent of the tax payable.

Copyright Business Recorder, 2012