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FBR issued no of tax returns submitted up to year end 2020

According to a statement issued by Federal Board of Revenue (FBR) they have received 2.3 million income tax returns for tax year 2020 by December 31, 2020.

It is to remind here that the last date for submission / filing of income tax returns by salaried, business individuals, AOPs and companies with special financial year, was December 08, 2020. Last date for submission / filing of tax returns by corporate sector was December 31, 2020.

Income Tax Returns Filed up to Due Date

In last month of the year 2020, the last date for filing tax returns for tax year 2020 was 8th December, 2020. Federal Board of Revenue (FBR) received 1.79 million income tax returns by December 08, 2020. The last date for filing income tax returns increased by FBR and an opportunity provided to taxpayers. Who failed to submit tax returns on due date to apply for extensions in time for filing income tax returns. Consequently, further extension in time provided to them up to 24th December, 2020. To avail the opportunity and submit the tax returns without imposition of penalty. FBR has also issued tax notices to non filers of income tax returns to comply with the notices by submitting tax returns and reply with reasons for failure to submit tax returns on time.

ALSO READ: Cash paid for immovable property required to be reported under anti money laundering and counter terrorism financing : FBR

Income Tax Returns Filed up to December 31, 2020

The FBR said that after many years they had not extended the last date for filing income tax returns. The FBR said that by December 31, 2020 it had received 2.3 million returns. The payment with returns was at Rs43.5 billion. It is worth mentioning that the FBR had not extended the date beyond December 08, 2020 for salaried persons, business individuals, AOPs and companies having special financial year.

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Income Tax Returns Filed up to December 31, 2019

The number of returns were 2.173 million by December 31, 2019 and payment of return was Rs28 billion. Previously, the FBR had received 2.51m tax returns for the first time in its history for TY 2018 as against 1.49m returns filed for TY 2017. The actual number of persons who are required to file the income tax returns is more than the declared. Under the Income Tax Ordinance, 2001, every person who has a National Tax Number (NTN) is required to file income tax annual return. There are estimates that more than 6.0 million NTN had been issued by the FBR.

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