As per Lawkidunya, Section 149 of the Income Tax Ordinance, 2001 of Pakistan deals with the “Filing of return of income”.

Rules Under Section 149

1. Filing of Return: Every person required to file a return of income under section 114 shall furnish a return of income for the tax year.
2. Time Limit: The return of income shall be furnished on or before the 31st day of August of the year immediately following the tax year.
3. Exceptions: The Commissioner may, in exceptional circumstances, extend the time limit for filing the return of income.
4. Verification: The return of income shall be verified by the person filing the return.

Consequences of Non-Compliance

1. Penalty: Failure to file the return of income within the due date may result in a penalty of PKR 20,000 to PKR 50,000 (approximately USD 133 to USD 333).
2. Additional Tax: In addition to the penalty, the taxpayer may also be liable to pay additional tax at the rate of 1% per month or part of a month on the tax payable.

Important Notes

1. E-Filing: The Federal Board of Revenue (FBR) has introduced an e-filing system for filing income tax returns.
2. Taxpayer Profile: Taxpayers are required to update their taxpayer profile on the FBR’s website to ensure accurate and efficient processing of their returns.