The Federal Board of Revenue (FBR) has received nearly 23 per cent less income tax returns for the tax year 2020 compared to the preceding year ahead of the Dec 8 deadline.
The board received 1.31 million tax returns until Dec 5 as against 1.69m returns filed in the tax year 2019. These include both salaried and non-salaried individuals, the association of persons and companies.
The tax received with returns stood at Rs6.5 billion during the period under review as against Rs12.8bn received over the corresponding period of last year, reflecting a decline of 49.2pc.
Earlier, the last date for filing income tax returns for the tax year 2020 was extended since September to facilitate individuals to file their returns whereas non-filers will have to submit an application to the concerned tax office for getting extra time for filing returns.
It may be mentioned here that in the budget 2019-20, the government enhanced penalty rate to Rs40,000 from Rs20,000, where any person fails to furnish a return of income.