Introduction
Federal Board of Revenue has issued Order Ref F.No.4(69)IT-Budget/2018-pt dated November 27, 2018.
Commentary
In the back drop of recent surge in the notices served under section 214E to the filers, who filed their previous Tax Year(s) of 2015, 2016 and 2017, returns after the due dates. FBR has decided to exempt the Salaried Individuals from the entire penalty payment which otherwise is liable to be paid under section 214E. The subject order, however stated. Quote“Such persons who have filed return of Income under section 114 of the aforesaid ordinance declaring only income under the head “Salary” with or without profit on debt and / or dividend income are exempted from payment of entire amount of payable by them under section 214E” Unquote.
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