Tuesday, 28 May 2024
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Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m

The income tax returns for tax year 2020 have reached to a new peak of 2.93 million against 2.63 million in last year for tax year 2019. Showing an increase of 11.4 percent along with tax payment of Rs.52 billion compared to only Rs.34 billion last year, showing an increase of 55 percent.

Currently, the Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current tax year / fiscal year. According to the information, FBR has collected net revenue of Rs. 4,170 billion during Jul-May period. Which has exceeded the target of Rs.3,994 billion by Rs. 176 billion. It shows a growth of about 18% over the collection of Rs.3, 549 billion during the same period last year.

See also  Penalty for Non Filing of Annual Income Tax Returns 2021

The net collection for the month of May was Rs. 386 billion, against a required increase of Rs. 214 billion. It is representing an increase of 69% over Rs. 229 billion collected in May 2020 and 168% of the target.

It is important to mention here that, the gross collections increased from Rs. 3,674 billion during this period last year to Rs. 4,386 billion. It is showing an increase of 19.4 %. The amount of tax refunds paid was Rs. 216 billion compared to Rs. 125 billion paid last year. Which showing an increase of 42.3 %. It shows that FBR resolved to fast-track refunds to avoid funds shortages in the industry.

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