Latest FBR Releases
The Federal Board of Revenue has identified 119,870 non-filer salaried persons, drawing annual salary of more than 5 lacs. They were required to e-file their Returns of Income for tax year 2011 on e-portal of FBR but they did not discharge their legal obligation on this count. The information regarding these non filers has been disseminated by the Withholding Wing of FBR to its field formations for enforcing Returns from them. Such non-filers are liable to pay penalty that is equal to 0.1% of the tax payable for each day of default subject to a minimum penalty of Rs. 5000 and maximum penalty of Rs. 25% of tax payable and default surcharge under section 205 of the Income Tax Ordinance, 2001.
The FBR has also intensified its efforts to recover withholding tax under section 153 of the Income Tax Ordinance, 2001. The cotton ginners required to withhold tax on the sale of cotton bales defaulted in withholding tax amounting to Rs. 2597 million. Out of this Rs. 1881 million have been recovered upto April, 2012. Four field Units of FBR where majority of the cotton ginners are located, are involved in this monitoring exercise. RTO, Multan has made further recovery of Rs. 104 million in May, 2012 and Rs. 250 million on the account are expected to be recovered by 15th of June, 2012. Recovery of another 360 million is expected to be made by RTOs Hyderabad, Bahawalpur and Sukkur by 30th June 2012. Similar defaults have been un-earthed in certain other areas also that include the Banking sector. Hectic efforts are being made to realize the defaulted amount of Withholding Taxes during current financial year.