Filer and Non-filer defined
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A non-filer is someone who does not file a tax return by the required due date. They may be subject to penalties such as interest and late fees. The Federal Board of Revenue in Pakistan specified that non-filers will have their withholding taxes doubled under a new law. Withholding tax refers to a tax deducted from income payments by the payer and paid to the government on behalf of the recipient. It may be treated as a partial payment of the recipient's total tax liability.
Filer and Non-filer defined
- 2. A person or corporation who does not file a tax return by the required date. In general, a person who has filed taxes once must continue to do so for the rest of his/her life (or existence, if a corporation). A non-filer may be subject to interest, late fees, and other penalties. Filer & Non-filer
- 3. The Federal Board of Revenue (FBR) has specified difference between filers and non-filers of income tax returns to double rates of withholding taxes for non-filers under Income Tax Ordinance 2001 through Finance Bill (2014-15). Filer & Non-filer
- 4. A withholding tax, also called a retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income. Withholding Tax
- 5. Typically the withholding tax is treated as a payment on account of the recipient's final tax liability. It may be refunded if it is determined, when a tax return is filed, that the recipient's tax liability to the government which received the withholding tax is less than the tax withheld, or additional tax may be due if it is determined that the recipient's tax liability is more than the withholding tax. Withholding Tax
- 6. The amount of withholding tax on income payments other than employment income is usually a fixed percentage. In the case of employment income the amount of withholding tax is often based on an estimate of the employee's final tax liability, determined either by the employee or by the government. Withholding Tax
- 7. Following type of Taxpayers are required to file the income tax returns: All Companies All AOPs (Association of Persons) Sales Tax registered Persons All Salaried Persons having taxable income greater than or equal to Rs.500,000 per year All income tax refund claimants Who are required to file the income tax returns
- 8. This term simply refers to any money or service that is currently owed to another party. One form of liability, for example, would be the property taxes that a homeowner owes to the municipal government. 'LIABILITY'
- 9. A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. 'Asset'