ISLAMABAD, Nov 17 (APP):The Federal Board of Revenue (FBR) on Tuesday once again reminded the taxpayers to file their annual income tax returns before the last date of December 8, 2020.
An FBR press release clarified that according to Section-114 of Income Tax Ordinance-2001 whoever owns immoveable property with a land area of five hundred square yards or more or owns a motor vehicle having engine capacity above 1000cc is liable to file annual income tax returns.
Further, holder of commercial or industrial connection of electricity, where the amount of annual bill exceeds Rs 500,000, or an individual whose income from business exceeds Rs 300,000 is also required to furnish the return of income.
The salaried person having annual income of Rs 600,000 or more is also liable to file the return.
The FBR warned that those who fall in taxable income and don’t file returns would be dealt strictly in accordance with law.
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