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Tax returns target and revenue collection targets of FBR
TAXATION

What RTO Lahore achieved in Tax Returns and Revenue

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What RTO Lahore achieved in Tax Returns and Revenue

What RTO Lahore achieved in Tax Returns and Revenue. According to a media report, FBR Regional Tax Office (RTO) Lahore has recently acquired about 477,000 annual Income Tax Returns. Revenue generation is involved in about Rs4 billion. Moreover, according to them, the relevant RTO received 558,123 annual income tax returns during the last fiscal year. Last year, revenue generation involved Rs5.2 billion.

They further said that the RTO office will likely achieve a revenue target of a further Rs2 billion up to 30th November. It is also pertinent to mention here court case is pending under section 7E of the Income Tax Ordinance, 2001. Once this case of law concludes in court, the number of tax returns and revenue expected to further enhance. Moreover, RTO Lahore has registered new taxpayers of about 70,000 during the last fiscal year.

Furthermore, Chief Commissioner of Regional Tax Office (RTO) Lahore Nasir Iqbal said, the RTO was actively approaching the taxpayers for increasing the revenue collections in the country. He further said that news of a decrease in the number of income tax returns filed by overall 34% is due to many factors which contributed to affecting the overall performance of the revenue authority. But, they claimed that all offices are trying their best to achieve both targets of tax returns and revenues.

What is the last date to file annual income tax returns 2022. What RTO Lahore achieved in Tax Returns and Revenue.
See also  114B of Income Tax Ordinance 2001: FBR Powers to Enforce Filing of Returns
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