ISLAMABAD (October 01 2003): The income tax returns filed after the deadline of September 30 would be accepted after payment of penalty under the Income Tax Ordinance 2001.
Member Direct Taxes and Spokesman Central Board of Revenue (CBR) Vakil Ahmed Khan told Business Recorder here on Tuesday that there was no need of extension in the filing date as every return filed after the due date would be accepted.
Under the Income Tax Ordinance, the minimum penalty of late filing is Rs500 and maximum penalty is 25 percent of the assessed tax.
Vakil said that a large number of people have utilised the opportunity of filing returns under the Universal Self-Assessment Scheme (USAS) on September 29 and the same trend continued on September 30.
Up to September 29, 0.203 million returns were filed against 0.194 million filed during the corresponding period of the last fiscal.
In view of the ongoing pace, over 1.2 million income tax returns were expected during the tax year 2003.
Vakil said that the returns filed after the deadline as per the previous self-assessment schemes were treated under the normal law, but in case of Universal Self-Assessment Scheme (USAS), the taxpayers have the facility to even file returns after the deadline on the payment of minimum or maximum penalty.
APP adds: Talking to LCCI President Anjum Nisar in Lahore on Tuesday, Vakil Ahmad Khan said the CBR has allowed all businessmen who could not submit their Income Tax returns by September 30 despite depositing due tax, to submit the documents by October 9.
“Even by submitting their forms by October 9, the taxpayers will continue to avail benefits of Universal Self Assessment Scheme,” he said.
He said that it was not possible for the government to extend the date for submission of returns due to the visit of Prime Minister Zafarullah Khan Jamali and Finance Minister Shaukat Aziz abroad.
However, the LCCI president urged the government to extend the date to facilitate the business community.