ISLAMABAD: The voluntary payment along with annual income tax return has dropped to Rs54.09 billion during the fiscal year 2020/2021, according to official data made available to PkRevenue.com
The tax payment with return was Rs56.5 billion during the fiscal year 2019/2020, according to data compiled by the Federal Board of Revenue (FBR).
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The primary reason for the decline in voluntary payment in the fiscal year 2020/2021 was a bulk amount was paid along with the returns under the head of the amnesty scheme during the fiscal year 2019/2020.
An amount of Rs19.8 billion under the amnesty scheme was paid with the returns during the fiscal year 2019/2020.
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On the other hand, the collection of tax under Section 137 of the Income Tax Ordinance, 2001 surged to Rs52.62 billion during the fiscal year 2020/2021 as compared with Rs36.23 billion in the preceding fiscal year.
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Furthermore, the collection under Section 113A of the Income Tax Ordinance, 2001, from small retailers also recorded significant growth to Rs1.43 billion during the fiscal year 2020/2021 when compared with Rs418 million in the preceding fiscal year.
