The budget gurus have proposed to impose penalty for not filing tax returns, reported 24NewsHD TV channel on Friday.

There is a proposal to impose penalty for late filing of the tax returns. Rs2,000 fine will be imposed for not filing withholding statement under Section 165.

An additional penalty of Rs200 per day has also been proposed in case of tax default. The maximum penalty for non-filing of tax returns is proposed to be 25%.

Reporter Waqas Azeem