The Federal Board of Revenue (FBR) has refuted media reports that the recently introduced finance bill allows non-tax filers to purchase cars or immovable property.
FBR has clarified that individuals who have not filed their annual income or wealth statement cannot purchase any immovable property or car. “The actual position is that the whole system of recognizing a non-filer as a legal entity has been done away with in the new finance bill,” says FBR.
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The board has explained that the Income Tax Ordinance requires every person earning taxable income to file their income tax returns. In fact, a whole mechanism has been introduced in the 10th schedule for the person who engages in significant monetary transactions but fails to file their returns.
Such a person will have to pay 100 percent more tax at the withholding stage. He/she will be automatically assessed for taxation and their imputable income will be treated as concealed income, which is subjected to prosecution and penalties.
Via: Profit
Do you mind sharing the 10th schedule for us commoners?
FBR may introduce a mechanism for those people who are abroad (on official duty etc) for more than three/four years and unable to become a Filer.
For filing your income tax or sales tax return u may contact
+923341575767
PM talks about Overseas Workers, regretfully to say nothing for those who worked abroad, brought all the income legally. Can provide money trails, Employer’s documents, legal transaction documents. Even their hard earned money is grabbed by Builders & Developers, Fake Forex Business Companies. Using their THRIFT to run kitchen, earn some money from rents. All accumulatdd income does not fall under the Income Tax Bar/Slab. What for he has to FILE Return “To Claim forced Tax deducted on various Utility bills.