Taxpayers to be fined Rs25,000 for submitting returns after September 30

A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.

According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.

Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.

According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.

Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.

Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.

It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.