ISLAMABAD: The Federal Board of Revenue (FBR) has once again reminded all tax payers to file their income tax returns by the deadline, December 8, 2020, as the Bureau will not extend it further.
The FBR said in an official tweet that under Section 114 of the Income Tax Ordinance 2001, all people who own houses spread over 500 sq yards or vehicles of 1,000 cc or more are liable to file tax returns.
People whose commercial electricity bill exceeds Rs500,000 or those whose business income exceeds Rs300,000 per annum are also liable to file tax returns.
Salaried persons earning Rs600,000 or more per year are also required per law to file income tax returns. The FBR has warned that action will be taken according to the law against people who don’t file their returns in time.