Income Tax Filing Cross 2 Million Records - Top Tax Consultants in Lahore Pakistan, taxasaan.com %Global Tax Consultants in Lahore, Pakistan, Near Me, Tax Services

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• November 7, 2019

| Income Tax Filing Cross 2 Million Records |

ISLAMABAD: As per the tax year 2018 released on the Acting Taxpayers List (ATL), the number of income tax return filers has increased to a record level of 2.667 million.

According to an ATL issued by the FBR, the total number of returns submitted by November 03, 2019 for the tax year 2018 increased to 2,667,689.

Return filing has increased by 44.56% so far in the tax year 2018 compared to the 1.84 million return received by FBR for the tax year 2017.

The offer of taxpayers in the ATL guarantees a lower rate of withholding tax on different transactions.

The Tenth Schedule Income Tax Ordinance, 2001 was introduced by the Finance Act, 2019, under which people who were not included in the ATL even filed returns, to pay 100% more withholding tax amount. Be responsible for

The FBR issues the ATL on the basis of the returns filed by the taxpayers on March 01 of each year for the corresponding tax year.

Based on the returns filed for the tax year 2018, the FBR issued the latest ATL on March 01, 2019. Since the filing date for the tax year 2018 has been extended till August 09, 2019, the names of these return filers have been added to the update.

As of August 09, 2019, the number of return filers has been increased to 25 million. However, an additional 0.167 million returns were submitted after the late filing surcharge was paid.

The FBR stated in a descriptive note that if a person has not submitted a tax declaration to the date set by the Income Tax Authorities, the inclusion of a person’s name in the ATL is prohibited by the Finance Act, 2018.

However, through the Finance Act, 2019, a person’s name can be part of the ATL, even if the person has filed a tax declaration after the date set by the Income Tax Authorities.

Further, it has been stated that after the due date of filing of tax returns, one thousand rupees from the surcharges for placement in ATL, ten thousand rupees from the Association of Persons (AOPs) and 20 thousand from companies. Rupees will be charged.

FBR sources said people are submitting income tax forecasts for the tax year 2018, with a late surcharge, despite a fixed date for withholding 100% withholding tax rates for the tax year 2019.

He said that the current ATL will continue to be implemented till February 29, 2020 as the new ATL will be released on 01 March 2020 on the basis of the returns filed for the tax year 2019.

More Article: FBR Extends Deadline Of Submitting Income Tax Returns

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