Daily Times

The number of return filers may approach 6.5 million if persons having national tax number (NTN) make compliance with law. According to the Federal Board of Revenue (FBR), more than 3.5 million NTN holders are not filing income tax returns. Under Section 114 of Income Tax Ordinance, 2001 the filing of income tax return is mandatory for persons to whom the NTN is issued. The existing income tax return filing is around 3 million for tax year 2019. The FBR has launched a campaign to aware persons about their obligation. The revenue board also warned people of penal action in case they remained non-compliant beyond the deadline for filing tax returns for tax year 2020. The last date for filing income tax return is December 08, 2020 and FBR has made it clear that no further extension will be granted beyond this date. The FBR said that it had obtained information of various undeclared transactions from withholding agents and through third party.