Islamabad: October 31 is the last date for filing income tax returns, while the Federal Board of Revenue (FBR) has warned of strict action against taxpayers found providing misleading information, concealing assets or tampering with records.

According to sources, the FBR will automatically compare information provided in income tax returns with its own available data. The tax authority will also make extensive use of Artificial Intelligence (AI) and modern technology to identify discrepancies.

Sources said that the FBR has obtained comprehensive details and data regarding individuals' properties and assets across the country. This information will be used to verify the assets and financial details declared in tax returns.

According to sources, taxpayers found concealing assets, providing incorrect information or tampering with records may face substantial penalties. Action may be taken under Section 182 and its relevant subsections of the Income Tax Ordinance.

Sources further stated that salaried individuals could face penalties of up to 75 percent of their salary for filing incorrect income tax returns. Failure to pay the imposed penalty within the prescribed time may result in an additional fine of Rs1,000 per day.

Sources warned that even minor mistakes in income tax returns could lead to serious financial consequences. Taxpayers have therefore been advised to ensure that all information is accurate and complete before submitting their returns.

If any mistake has been made in an income tax return, taxpayers can have it corrected before October 31. Sources also advised taxpayers to seek assistance from qualified and experienced tax professionals to avoid errors and potential legal complications.