Traders who fail to submit their income tax returns by September 30 will face a Rs25,000 fine under a proposed Easy Tax Scheme for traders, according to sources.
As per media reports, Prime Minister Shehbaz Sharif is all set to launch the scheme along with a new income tax return form for the current fiscal year on August 14.
Under the proposal, traders who submit their returns on time by September 30 will be exempted from the schemes registration fee and will also receive a registration plate worth Rs25,000.
Those who miss the deadline will be required to pay a Rs25,000 registration fee in addition to a Rs25,000 fine, sources added. The proposed scheme also includes separate income tax return forms for business owners and individual taxpayers, sources said.
The new return form for the current fiscal year, aimed at simplifying the tax filing process for traders, is scheduled to be launched on August 14 alongside the scheme, according to sources.
Sources clarified that the details of the fines and incentives outlined above remain proposals at this stage, with final rules to take effect only after the relevant government notification is issued.
