The Federal Board of Revenue (FBR) has decided to impose penalties on taxpayers who provide incorrect information, conceal assets or tamper with records in their income tax returns.
According to media reports, FBR sources said the board holds data on the properties and assets of taxpayers across the country. This data will be used to verify the information declared in returns.
The FBR will compare income tax returns against its own records through an automated system. Artificial intelligence (AI) will also be used to verify information and identify possible irregularities.
Sources said strict penalties may be imposed for concealing assets or altering records in returns. Salaried individuals who file incorrect returns could face a penalty of up to 75 percent of their salary.
Taxpayers who fail to pay a penalty within the stipulated time may also be charged an additional Rs1,000 per day.
Taxpayers can correct errors in their returns before October 15. They have been directed to review the information, income and asset details in their returns and rectify any mistakes in time.
