Income tax return filers increase to 2.316m

ISLAMABAD- The number of Income Tax Returns Filers has increased to 2.316 million along with the tax collection rising to Rs43.6 billion till January 4, 2021. The number of Income Tax Returns Filers has shown an increase as compared to 2.181 million filers along with the tax collection of Rs28 billion during the corresponding period of the previous year, showing an increase of 55 per cent in tax collection in the current year. Filing of Income Tax Returns (ITRs) has improved significantly during Tax Year 2020, a statement by the Federal Board of Revenue said. 1.768 Million Taxpayers filed their Income Tax Returns before the deadline of December 8, 2020, while the tax received by FBR stood at Rs22 billion by this date. It is also mentionable here that the number of Income Tax Returns filed after the deadline of December 8, 2020, remained 0.547 million along with the tax collection of an amount worth Rs22 Billion approximately. FBR has launched several initiatives for the facilitation of taxpayers that have resulted in the increased number in the filing of Income Tax Returns. FBR will issue the updated list of Active Taxpayers after March 1, 2021 and only those taxpayers will be included in the lists who have filed their Income Tax Returns for Tax Year 2020.