ISLAMABAD: Federal Board of Revenue (FBR) collected Rs1.5 billion where at least 70,000 of taxpayers filed revised tax returns by availing the government announced audit close facility.
Official sources told Customs Today that at least 70,000 of taxpayers filed revised tax returns by availing the opportunity for automatic closure of audit u/s 214E by paying the penalty or higher tax than previously filed returns under which the board has collected Rs1.5 billion so far. However, the board has already extended closing date till February 28, facilitating those taxpayers who have been selected automatically for audit under section 214D due to late filing of returns for Tax Year 2015, 2016 and 2017.
More than 0.6 million of taxpayers were selected for automatic audit as they were late filers, sources confirmed. At least 70,000 taxpayers have filed the revised tax returns by paying penalty or higher tax than previously filed returns to avoid audit so the board has extended the date with the intention to provide maximum time so that all the taxpayers pay penalty and avoid audit.
It is important to mention here that the board has directed the salaried individuals to pay a penalty of Rs20,000 for automatic closure of audit proceedings. While the non-salaried persons and entities will automatically close audit under Section 214E of the Income Tax Ordinance by paying penalty.
