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FBR receives 20,000 tax returns during first week of March

FBR receives 20,000 tax returns during first week of March

ISLAMABAD: Around 20,000 taxpayers have filed their annual income tax returns during one week after expiry of filing date.

According to latest Active Taxpayers List (ATL) the number of return filers increased to 2.55 million by March 08, 2020.

There were around 2.53 million return filers when the Federal Board of Revenue (FBR) issued ATL for tax year 2019 on March 01, 2020. The last date for filing income tax returns for tax year 2019 was February 28, 2020.

The return filers including salaried persons, business individuals, Association of Persons (AOPs) and companies can check their names on the ATL by visiting How to check ATL status?

The filing of income tax return is mandatory for persons driving taxable income or specified under Section 114 of Income Tax Ordinance, 2001.

The appearance of names on the ATL is only possible after filing income tax returns within due date. In case persons are not on the ATL then the rate of withholding tax shall be increased by 100 percent on various transactions.

Persons fail to file their returns by due date but file after the date will also not qualify to enlist their name on the ATL until fine is not paid to the Federal Board of Revenue (FBR).

Currently the ATL is in applicable on the basis of income tax returns filed for tax year 2018. The FBR will issue new ATL on the basis of returns filed for tax year 2019 on March 01, 2020.

A taxpayer should check his/her status on the ATL before making transactions in order to avail reduced rate of tax rates.