Tax payment with return drops to Rs54 billion in FY21

Tax payment with return drops to Rs54 billion in FY21

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).

READ MORE: Requirement of filing income tax return by persons

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.

READ MORE: Action against concealed, unexplained income or assets

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.

READ MORE: What is due date for tax payment?

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.

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