Non Filers Won’t Be Allowed to Buy Properties After March 31st
Non filers of income tax return for the tax year 2018 won’t be now able to purchase any properties till June 30, 2020.
The news was disclosed by a senior tax official on Friday, where he has clearly emphasized the need of filing by end of the current month.
Badaruddin Qureshi, chief commissioner of Inland Revenue Regional Tax Office-II, Karachi told the media that the Federal Board of Revenue (FBR) has given an opportunity to non-filers to fulfill their liability of filing annual returns and wealth statements by March 31.
Qureshi has also stated clearly in his interview that non filers were not allowed to purchase immovable properties above Rs. 5 million since July 1, 2018.
Furthermore, he said that another provision was introduced through the finance act under which late filers will also not be included into the active taxpayers list (ATL) from tax year 2018 and onwards.
Qureshi said the first ATL issued on March carried around 1.6 million return filers for the tax year 2018. “However, to facilitate the taxpayers the FBR extended the last date for filing returns up to March 31,” he added.
Qureshi said the last date of return filing was extended on the request of chambers, tax practitioners and other stakeholders to provide an opportunity to non-compliant taxpayers before taking any harsh action.
The tax official said individuals who could not file returns by the previous cut-off date (December 15, 2018) for salaried persons, business individuals and companies with special accounting year and December 31, 2018 for corporate entities can avail the revised last date.
“The returns filed during this period will appear on ATL to be issued on April 1, 2019,” he added.