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TAXATION

Income tax returns filing reached at new peak

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According to the weekly list of active taxpayers (ATL) released on Monday, the Federal Board of Revenue (FBR) has reached a peak of of 3.06 million in income tax returns for the tax year 2019.

The number of returns for the tax year 2019 is based on the returns filed by January 24, 2021. The number of return filers for the tax year 2020 is 2.316 million, FBR will issue ATL for the tax year 2020 on March 1, 2021. Therefore, ATL 2019 will run until February 28, 2021. Display of name in active taxpayer list (ATL) is subject to filing of return after due date or after due date along with payment of penalty amount.

Persons required to submit Income Tax Returns

Under Section 114 of the Income Tax Ordinance, 2001 (updated as of June 30, 2020) following persons are required to submit Income tax returns.

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(a) every company;

(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; or

(ac) any non-profit organization as defined in clause (36) of section 2;

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(ad) any welfare institution approved under clause (58) of Part I of the Second Schedule;

(ae) every person whose income for the year is subject to final taxation under any provision of this Ordinance;

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(b) any person not covered by clause (a), (ab), (ac) or (ad) who,—

(i) has been charged to tax in respect of any of the two preceding tax years;

(ii) claims a loss carried forward under this Ordinance for a tax year;

(iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory;

(iv) owns immovable property with a land area of five hundred square yards or more located in a rating area;

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(v) owns a flat having covered area of two thousand square feet or more located in a rating area;

(vi) owns a motor vehicle having engine capacity above 1000 CC;

(vii) has obtained National Tax Number; or

(viii) is the holder of commercial or industrial connection of electricity where the bill exceeds rupees five hundred thousand;

(ix) a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan;

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(x) a resident person being an individual require to file foreign income and assets statements under section 116A.

(1A) Every individual whose income under the head ‘Income from business’ exceeds rupees three hundred thousand. But does not exceed rupees four hundred thousand in a tax year.

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