ISLAMABAD: Federal Board of Revenue (FBR) has again reminded the taxpayers to file their Annual Income Tax Returns before the last date i.e. 8th December, 2020. FBR has further clarified that according to Section-114 of Income Tax Ordinance-2001 that 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 rupees five hundred thousand or an individual whose income from business exceeds rupees three hundred thousand is also required to furnish return of income.
The salaried person having annual income of Rs six hundred thousand or more is also liable to file the returns.
FBR has warned that those who fall in taxable income and don’t file returns will be dealt strictly in accordance with law.