CLOSURE OF AUDIT UNDER INCOME TAX ORDINANCE
There are THREE situations in which audit can be closed.
01 SALARY/ FTR / NIL RETURN CASES FILED
PAY Penalty by 31 December 2018.
02.LOSS OR BELOW TAXABLE INCOME
FILE REVISED RETURN BY 31 DECEMBER 2018 BY 2 % OF TURNOVER
03. CASES WITH TAXABLE INCOME
FILE REVISED RETURN BY 31 DECEMBER 2018 BY 25 % THAN THE TAX PAID WITH THE RETURN ON THE BASIS OF TAXABLE INCOME
Minimum Penalty paid in case of late filing is Rs.20,000/.
TAXPAYERS is required to give application to Commissioner for closure of audit and he is bound to close it within THREE days. If he does not close the audit then IT Wings of FBR WILL automatically proceeds to close audit on FOURHT day.
In case of salary only which is below taxable limit . How to proceed on notice issued under 214D ?
ReplyDeleteHow to pay penalty ?
Is there any tab on iris where penalty can be paid ?
Do we require to revise return?