Finance Act 2018 issued here on Monday, the section 182A of the Income Tax Ordinance 2001 has explained return not filed within due date.
Notwithstanding anything contained in the Income Tax Ordinance, where a person fails to file a return of income under section 114 by the due date as specified in section 118 or by the date as extended by the Board under section 214A or extended by the Commissioner under section 119, as the case may be, such person shall not be included in the active taxpayers' list for the year for which return was not filed within the due date.
For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002.; and not be allowed, for that tax year, to carry forward any loss under Part VIII of Chapter IV, it added.