The Federal Board of Revenue (FBR) has issued "intimation notices" to 11,000 companies and corporate entities, who failed to file their income tax returns electronically by December 31 2008. Sources told Business Recorder on Friday that around 22,000 companies have been registered on the FBR E-Portal for electronic filing of returns.
By December 31 2008, 11,000 companies filed returns electronically. The companies have also attached books of accounts and other necessary documents along with the returns. On January 1, 2009, all the non-filers of income tax returns timely received "intimation notices" through electronic system for filing of returns under section 114 of the Income Tax Ordinance 2001.
Promptly responding to the computerised notices, over 500 companies have immediately filed returns electronically. The remaining companies are also filing returns due to electronic facility available to the corporate entities. Within two days (January 1-2), response of the taxpayers to these intimations is extraordinary.
This is for the first time that a record number of returns have been received on December 31 2008 which is a remarkable achievement of the FBR. Last year, the same position of return filing was seen on extended date up to January 31 2007. Now, the FBR has managed to collect more returns electronically without extending the last date of return filing.
Sources said that if all the 22,000 companies, enrolled on the FBR E-Portal, files returns electronically, it would be a landmark achievement. Keeping in view past years' trends, such a large number of corporate entities have never filed returns through FBR Web-portal facility.
Sources said that the "intimation notice" has informed the registered company that the department has not received return required to be filed under section 114 of the Ordinance 2001. If taxpayer has been granted extension in filing of return by taxation officer concerned, then this notice may be ignored upto the extension date.
However, if return has not been filed, taxpayer should immediately file return to avoid legal implications. Notices have also given to taxpayers as well as copy to concerned taxation officer for further follow up, sources added. In the next stage, the FBR has also decided to issue similar notices to the non-corporate entities which have not filed their income tax returns.