IT Returns

Income tax return filing increases by 11.4pc to 2.93 million

Taxation

ISLAMABAD: The Federal Board of Revenue (FBR) has received 2.93 million income tax returns for tax year 2020 by end of May 2021.

According to statement issued on Wednesday, the FBR said in an effort to broaden the tax base the income tax return filing increased significantly.

As on May 31, 2021, income tax returns for tax year 2020 have reached 2.93 million Compared to 2.63 million in tax year 2019, showing an increase of 11.4 percent.

The tax deposited with returns was Rs.52 billion compared to only Rs.34 billion last year, showing an increase of 55 percent.

FBR has also released the information about Tier-I retailers who have been integrated with POS system. According to the information, 10,767 sales points have been integrated with Point of Sales Linked Invoicing System.

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