Saturday evening at ICMAB auditorium held a Post Budget 2025-26 dialogues as chief guest NBR Chairman talk about many policy. The National Board of Revenue (NBR) is cracking down on the practice of filing "zero returns," a method some taxpayers use to evade taxes. NBR Chairman Abdur Rahman Khan has called the practice "extremely dangerous," warning that there is no provision for it in the income tax law.
The NBR recently introduced an online system to simplify tax return submissions. However, the system is being exploited by some who file returns without declaring assets like property, vehicles, or fixed deposit receipts (FDRs).
Mr. Khan stated that providing false information on a tax return is a punishable offense, with a maximum penalty of five years in prison. He also noted that the NBR can easily verify a taxpayer's assets, making it simple to prove tax evasion. The NBR plans to issue a circular on this matter soon. Taxpayers are also reminded that they are responsible for the information on their returns, even if someone else files on their behalf.
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