The Federal Board of Revenue had earlier published the basic guidelines for the people to know who was supposed to pay their income tax return and who was not. The last date of submitting your taxes was extended till 20th November 2014. The Federal Board is demanding taxes from the people and is urging the public to turn up with their taxes. In a further attempt to make the people realize their duty for paying taxes, the FBR has published the losses that the people may have to suffer, if they don’t take their tax paying duty seriously.
If the people do not file their taxes, a 15% dividend income will be extracted instead of 10% in case of paying taxes. The bank will charge 15% profit when tax return is not paid, instead of 10%. On cash withdrawal, about 0.5% will be deducted instead of 0.3%, if the tax return is not paid. On selling of property, 1% will be deducted instead of 0.5% if the tax return is not paid. When purchasing a property, 2% will be deducted instead of 1%, when tax returns are not paid.
In case of vehicle purchase, lower rates are implied on tax returns when paid on time, but when the tax returns are not paid, and then about 2% of the tax returns are deducted.