UPDATES

FBR appealed to all taxpayers to file income tax returns before march 2021

The Federal Board of Revenue has issued a statement stating that there has been a significant improvement in the collection of income tax returns for the tax year 2020. As of December 8, 2020, 1.768 million taxpayers had filed income tax returns with them. The tax collection was Rs 22 billion. As on January 4, the number of people filing income tax returns has reached 2.316 million while the tax paid along with the statements has collected Rs 43.6 billion. During the same period last year, 21.81 million returns filed and the income tax paid Rs. 28 billion. Thus, the income tax paid this year has increased by 55%. It is worth mentioning here that the number of returns filed after the due date, i.e. December 8, close to 547,000 and the tax collected with them also about 22 billion rupees.

Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status: ALSO READ

The number of people filing income tax returns has increased significantly thanks to the FBR’s facilitation measures for taxpayers. In this regard, the FBR said that an active tax payer list would be issued after March 1, which would include only those who have submitted their tax returns for the year 2020. There are many benefits to being present at ATL. FBR clarified that in many cases tax exemptions are available to filers. In some cases 100% tax relief is available to filers of tax return. In addition, the filers will be protected from possible tax evasion. FBR clarified that delay in filing a return after the due date, the more the penalty rate will increase.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants-Tax-News-FBR
A d v e r t i s e m e n t

The FBR has appealed to taxpayers to file their income tax returns today and take advantage of joining the ATL issued in March.

Source | Income Tax Return | FBR | Federal Board of Revenue | Extension in Date for Filing Income Tax Returns | Due Date for Filing Income Tax Returns | Active Taxpayer status | Active Taxpayer List | Penalty for non filing of Income Tax Returns |

LATEST POSTS

  • Happy Independence Day Pakistan 14 August 2022
    On which Day Pakistan Got Independence? Happy Independence Day Pakistan 14 August 2022: 14 August Independence Day is Pakistan’s national day. Pakistan got freedom on 14th August 1947. On this day in 1947, Pakistan is a very proud country because…
  • Latest FBR Lucky Draw 15 August 2022
    Latest FBR Lucky Draw 15 August 2022 Federal Board of Revenue (FBR) draws it’s lucky draw of Point of Sales (POS) Prize Scheme on 15th of every month for the previous month’s Sales Tax Invoices verified by the buyers of goods. Last month, 7th…
  • Latest Mobile Price in Pakistan and PTA Tax Calculator
    Latest Mobile Price in Pakistan and PTA Tax Calculator What a Mobile Price in Pakistan is a very common question which everyone often search on google, yahoo, and Bing. Taxes on Mobiles are also linked to their latest Prices. After…
  • What are Latest Tax Accountant Job Description in 2022
    What are Latest Tax Accountant Job Description in 2022 Tax Accountant is very responsible job. He should be well equipped with tax laws of their country as well as accounting concepts. Tax Accountant is normally considered to be knowledgeable in…
  • How to Check LESCO Bill Duplicate Online
    How to Check LESCO Bill Duplicate Online LESCO Bill is issued by Lahore Electricity Supply Company against electricity consumed by LESCO connection holders on the monthly basis. LESCO is electricity supplier in Lahore region. LESCO provides facility to check online…
  • How Can I Download my PTCL Tax Certificate?
    How Can I Download my PTCL Tax Certificate? Every year Taxpayer needs his tax deduction certificate when he files his annual income tax return. Tax is deducted by telecommunication companies on provision of services. Tax is included in the amount…

Related posts
UPDATES

Surcharge Imposed for Clearance of Banned Consignments

Surcharge Imposed for Clearance of Banned Consignments Government has allowed release of banned…
Read more
UPDATES

Extension in Date of Submission of Sales Tax Return

Extension in Date of Submission of Sales Tax Return Federal Board of Revenue (FBR) extended last…
Read more
UPDATES

Tax Offices, State Bank and National Bank Timings on 30 and 29 June

Tax Offices, State Bank and National Bank Timings on 30 and 29 June: Pakistan tax offices have been…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.