Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART X PENALTY

From: 2023-07-01 - To: 0000-00-00 1[182. Offences and penalties.- (1) Any person who commits any offence specified in column (2) of the Table below shall, in addition to and not in derogation of any punishment to which he may be liable under this Ordinance or any other law, be liable to the penalty mentioned against that offence in column (3) thereof:- S. No. Offences. Penalties. Section of the Ordinance to which offence has reference. (1) (2) (3) (4) 1 2[Where any person fails to furnish a return of income as required under section 114 within the due date.] 3[Such person shall pay a penalty equal to higher of - 114 4[and 118] (a) 0.1% of the tax payable in respect of that tax year for each day of default; or (b) rupees one thousand for each day of default: Provided that minimum penalty shall be- (i) rupees ten thousand in case of individual having seventy-five percent or more income from salary; or (ii) rupees fifty thousand in all other cases: Provided further that maximum penalty shall not exceed two hundred percent of tax payable by the person in a tax year: Provided also that the amount of penalty shall be reduced by 75%, 50% and 25% if the return is filed within one, two and three months respectively after the due date or extended due date of filing of return as prescribed under the law; Explanation.- For the purposes of this entry, it is declared that the expression tax payable means tax chargeable on the taxable income on the basis of assessment made or treated to have been made under section 120, 121, 122 or 122D;] 5[1A Where any person fails to furnish a statement as required under section 6[***], 165 or 165A 7[,165A or 165B] within the due date 8[Such person shall pay a penalty of Rs. 5000 if the person had already paid the tax collected or withheld by him within the due date for payment and the statement is filed within ninety days from the due date for filing the statement and, in all other cases, a penalty of Rs. 2500 for each day of default from the due date subject to a minimum penalty of Rs. 10,000 9[: 6[***], 165 and 165A 9[Provided that where it stands established that no tax was required to be deducted or collected during the relevant…