ISLAMABAD (PNI) In Finance Bill 2024 the government has introduced a new category of “Late Filers” in the income tax law. Earlier, income taxpayers were placed in two categories, Filers and non-Filers. Now, a new category of “Late Filer has been created which will attract higher rate of tax for late filing of income tax return. This measure will enforce timely filing of tax return.
In order to safeguard from higher rate of withholding tax and normal tax, it is imperative that individuals and association of persons are given more time for filing of their tax returns after close of financial year on June 30.
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