A person who, without reasonable cause, fails to comply with any notice issued to a person under section 116 or 176, shall be charged a fine equal to:
In the case of the first failure, two thousand rupees; In the event of a second failure, five thousand rupees; or in the case of the third and subsequent failure, ten thousand rupees.
Where a person is liable for penalties under clause (1) with an assessed tax credit for the tax year in which the failure occurs is less than twenty thousand, the amount of the penalty imposed under subsection (1) will be reduced by seventy-five percent.
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