Question:

What is the penalty for filing a sales tax return beyond the prescribed period?

by Guest22664731  |  8 years, 11 month(s) ago

0 LIKES UnLike

I am a student of Islamic university. I am working on income tax these days. I want to know What is the penalty for filing a sales tax return beyond the prescribed period?

 Tags: Beyond, filing, penalty, Period, prescribed, Return, Sales, tax

   Report

1 ANSWERS

  1. karachi guide
    If a return is not filed within 15 days after the end of the relevant tax period, a registered person will be liable to a penalty besides additional tax at the rate of Rs 100/- per day. If the delay is beyond 15 days , a penalty of Rs. Five Thousands is payable. If a registered person fails to deposit the correct amount of tax for two consecutive months he/she will be deemed to have committed a tax fraud for which the penalty is Rs. 10,000 or five percent of the amount of tax involved, whichever is higher, besides prosecution. If full amount due is not paid, any outstanding balance will also attract additional tax and a penalty.

Question Stats

Latest activity: 8 years, 11 month(s) ago.
This question has been viewed 337 times and has 1 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.