An important facility has been introduced for late income tax return filers.
In a statement issued by FBR, it is said that now it is not necessary to pay surcharge to join ATL, FBR has made important amendments in Rule 81B of Income Tax Rules 2002.
According to the notification, persons who have filed their income tax return after the due date or the extended date can be included in the active taxpayers list without paying surcharge by giving a specific undertaking.
An important condition has been laid down for this facility. The taxpayer has to submit the form through the IRS portal.
According to the notification, the taxpayer will give an assurance that he will neither purchase any property nor acquire ownership or interest in any property for the next six months.
This six month period will start from the date mentioned on the electronic receipt of form submission. The statement added that under the new rule, the FBR can verify compliance with this condition by obtaining information from various institutions, registries and financial institutions.
If it is known that the taxpayer has purchased or acquired the property within six months, he will be given an opportunity to submit his statement electronically. In case of violation, the facility of exemption from surcharge will be withdrawn from the date of violation. In the event of a breach, the normal rules for joining ATL will apply.
