Tax Master | Expert Tax Services

Why 30th November 2020 is so important?

Return of Income for the Y/A 2019/2020 should be furnished on or before 30th November 2020.Furnishing of an incorrect return or failure to furnish the return on or before the due date will be subjected to penalties or imprisonment as follows.

Penalty for Late Filing of Return of Income

The penalty for failing to file a return of income on time shall be the greater of the following:

1 - 5% of the amount of tax owing, plus an additional 1% of the tax owing for each month or part of a month the failure continues;
2 - Rs. 50,000, plus an additional Rs. 10,000 for each month or part of a month after November 30, 2020, during which the failure continues.

A penalty for making false or misleading statement is equal to the greater of Rs. 50,000 or the amount by which would have the tax payable reduced or refund increased, if it were determined based on such statement.

For failure to file a return, a fine or/and imprisonment that is not exceeding Rs.10 million or imprisonment for a term not exceeding two years or both such fine and imprisonment.