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.
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.
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 |
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