Federal Board of Revenue (FBR) has extended Tax amnesty scheme till August the 2nd. People can avail this scheme to declare their hidden assets. They can submit income tax returns for FY 208-19 till next month.
Financial adviser, Hafeez Sheikh, said that people should take most out of this scheme to safe themselves from future legal complications. According to him, the deadline was extended to facilitate the general masses. Furthermore, he also throws light on Undeclared commission that will immediately start working after the deadline. This commission would be responsible for investigating assets, declared in Tax Amnesty Scheme.
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As per Income Tax Ordinance-2001, citizens are bound to pay their income tax returns for any immovable property or vehicle. This decision was taken in order to give ample time to those who have any intention to file their tax returns.
This scheme was approved by Federal Cabinet of May 14, 2019 so that individuals can declare & whiten their unannounced expenditures, sales & assets up till June 30th. Since overwhelming response has been seen by the general public thus it was extended till July 3rd previously. Later on, 1 more month has been added.