This is the federal board of revenue founded on 01/07/1920. Its headquarter is located in Islamabad Pakistan. It is formerly known as the “Central Board of Revenue”. As per resources, FBR has issued FBR Penalty Rates for Late Filers with reduces penalty. Here note the reduced rates of FBR penalty for the person who are non-filling income tax returns that don’t return timely.
As per sources noted on Thursday regarding FBR Reduces Penalty rates for non-filling income tax returns. The reduced rates are introduced for late filers who don’t return income tax after 3 months of the due date announced by the FBR authority (Federal Board of Revenue).
FBR Penalty Rates for Late Filers Federal Board of Revenue
The non-fillers of income tax will be paid the full penalty in case don’t return income tax after 4 months of the due date. It is further known as per resources that a 25% penalty of the full amount will be charged who files the income tax returns within 1 month after the deadline. Here know the FBR Penalty Rates for Late Filers and non-income tax filers.
Penalty Rate FBR for non or late filing of income tax returns has been specified according to section 182 (Income Tax Ordinance 2001). Must read and share the penalty for late payment and non-filler of income tax reduces rate FBR.
The Federal Board of Revenue has announced the reduced rate of penalty for non-filling. The person or company fails to pay the income tax within the due date will be imposed a penalty or default surcharge. FBR non-tax filling failed to make payment for your tax dues will be punished or imprisoned for a term.
The authority has up to 21,500 employees for the operational activities of this authority. Javed Ghani is the CEO and executive of this department. Similar to FBR Penalty Rates for Late Filers has been revealed that there would be 75% amount will be charged with the total amount of a person who files the income tax return within 3 months after the deadline.