ISLAMABAD: An extension of two-months has been granted in the last date for filing of tax returns under the Prime Minister’s tax incentive package up to April 30, 2014 to attract maximum persons, who intend to avail of the scheme. Federal Board of Revenue has issued Income Tax Circular 1 of 2014 in this regard.
A statement of Finance Ministry said that the Prime Minister of Pakistan had announced on November 28, 2013 a package for promoting tax culture, investment in industry and revival of economy. The package included immunity from audit, default surcharge and penalty for NTN holders who did not file some or all income tax returns for the last five years provided they file their missing income tax returns and pay a minimum of Rs 20,000 tax per year for the last five years. Similar immunity from audit, default surcharge and penalty was extended to non-NTN holders as on 28-11-2013, having taxable income, provided they pay tax at a minimum of Rs 25,000 per year, and file returns for the last five years. Such return filers will enjoy immunity from audit also for equal number of subsequent tax years for which they have filed returns for past years. The last date for filing of returns under this package was February 28, 2014.
However, considering the encouraging response to the Prime Minister’s Package and the request of the tax bar associations, trade bodies and business community that a substantial number of persons still wish to avail the benefits of the package, the federal government has decided to extend the last date for filing of returns under the scheme from February 28, 2014 to April 30, 2014.
