FBR has introduced different reduced rates of penalty on filing of income tax returns after due date. The reduced rate of penalty amount would be available to late filers of income tax returns for next three months after the due date. However, full amount of penalty will be applicable in case the return filed four months after the due date. A late filer will be subject to pay 25% of the full penalty amount in case he files the return within one month after the due date. Similarly, the penalty amount will be 75% of the total amount on a person or a company that files income tax return within three months after the due date.
26/3/2021