KARACHI: The Federal Board of Revenue (FBR) has received 380,000 returns for the tax year 2019 from the taxpayers during the last eight months mostly pronounced by economic shutdown related to coronavirus outbreak, and the number is set to touch the three million mark, sources said on Tuesday.
The number of return filers by February 29, 2020 for tax year 2019 was 2.53 million as per active taxpayers list (ATL) issued on March 1, 2020. It means the FBR added 380,000 more returns since then.
Number of income tax returns had been increasing despite coronavirus lockdown during the March-June period, according to the sources.
The filing of income tax returns reached a record high of 2.91 million for tax year 2019 and it is heading towards the three million mark.
The FBR received 2.91 million income tax returns for the tax year 2019, according to the weekly ATL updated on November 2.
The sources said the actual number will be much higher as many returns filed manually have not been added to the list. Further, returns filed without penalty after the due date are also not included, they added.
An official at Regional Tax Office said ATL for tax year 2019 is applicable till February 28, 2021 therefore the FBR will be able to log three million returns for the tax year at the end.
The previous high of return filing was recorded at 2.85 million for tax year 2018 as per taxpayers’ directory issued by the FBR last month.
The official said the measures taken by the FBR prompted people making huge transactions to file their income tax returns.
A taxpayer needs to file return and ensure his name on the ATL to take advantage of the reduced rate of withholding tax.
Through the Finance Act 2019, tenth schedule was introduced into the Income Tax Ordinance 2001 under which taxpayers not appearing on the ATL even after filing the return will be liable to pay 100 percent more withholding tax.
The FBR issues ATL on every year on March 1 on the basis of return filed by taxpayers by the due date for the relevant tax year.
The sources said the facilitation drive of the FBR will further encourage taxpayers to file their returns for the tax year 2020. The due date for income tax return filing for tax year 2020 is December 8 and ATL for the year would be issued on March 1, 2021 and remain applicable till February 28, 2022.
New president of the International Cotton Association Mohomed Bashir. — ICA website/file KARACHI: The Karachi...
This image uploaded on January 4, 2017, shows a Bank Alfalah branch. — Facebook/Sundar Interiors &...
The logo of BYD is seen outside a BYD car dealer on March 27, 2024. — ReutersKARACHI: Mega Motor Company Limited...
An undated image of gold bars. — AFP/FileKARACHI: Gold prices rose by Rs700 per tola on Thursday in the local market...
This image taken on January 13, 2024, shows Pakistani currency notes of thousands. — APP/fileKARACHI: ABHI has...
European Union flags flutter on the day European Central Bank President Christine Lagarde speaks to reporters...