ISLAMABAD, Jan 4 (APP):The Federal Board of Revenue (FBR) on Monday said 1.768 million taxpayers had filed their Income Tax Returns (ITRs) before the deadline of December 8, 2020 while the tax received by the FBR stood at Rs 22 billion by that date.
Filing of Income Tax Returns (ITRs) has improved significantly during tax year 2020, said an FBR press release said.
The number of filers had increased to 2.316 million along with the tax collection rising to Rs 43.6 billion till January 4, 2021 as compared to 2.181 million filers along with the tax collection of Rs 28 billion during the corresponding period of the previous year, showing an increase of 55 percent in the tax collection in current year, it added.
It may be mentioned that the number of Income Tax Returns filed after the deadline of December 8, 2020 remained 0.547 million along with the tax collection of Rs 22 billion approximately.
The FBR had launched a number of initiatives for the facilitation of taxpayers that have resulted in the increased number in filing of Income Tax Returns.
The Bureau will issue the updated list of Active Taxpayers after March 1, 2021 and only those taxpayers will be included in the list, who have filed their Income Tax Returns for the Tax Year 2020.
Enlistment in the Active Taxpayers List (APL) comes with a variety of benefits for taxpayers that include exemption from Withholding Tax in a number of financial transactions and withholding of tax at half of the rate on many other financial transactions carried out by non-filers i.e those not on Active Taxpayers List.
It may be noted that the amount of fine on late filing increases in proportion with the delayed period of time.
FBR has urged all taxpayers to file their Income Tax Returns at their earliest to get their names enlisted in the upcoming ATL.