Late filers of income tax returns wanting to remain part of active taxpayer list (ATL) will have to pay from Rs1,000 to Rs20,000 as penalty.
All
late filers and questions have now been settled.
The tax measures announced by Minister of State for Revenue Hammad Azhar in his budget speech propose to do away with the 'non-filer regime' by making the failure to file tax return a punishable criminal offence, though
late filers have been given the option to come onto the Active Taxpayer List, something that the law prohibited thus far.
Dulay said the deadline will not be extended and penalties will be collected from
late filers.
Everyone filing their tax returns now is a
late filer, but the government decided to include the names of
late filers in the ATP as well.
'The ERC circumvented the CSP mandate twice over-first in extending its actual implementation via the assailed ERC resolution and second in accommodating the
late filers beyond office hours and beyond April 29,' the petition read.
He said that previous system of levying penalty on daily basis be restored instead of declaring
late filers as non tax filers and excluding them from active tax payer list.
He said that previous system of levying penalty on daily basis be restored instead of declaring
late filers as tax non-filers and excluding them from active tax payer list.
central time to file any necessary adjustment forms or make corrections before the annual
late filers report is produced, the stamping office reported.
The Active Tax Payer list (ATL) must be updated on weekly basis for
late filers too, he suggested.
This is part of efforts to widen the tax net and officials at the tax regulator stated the government might revise the provision to include names of
late filers of income tax returns in the Active Taxpayers List (ATL), reports The News.
In addition, tax preparers who accept these clients should inform them that
late filers will pay an additional fee--sort of a preparation penalty--for the additional effort.
