Date of Filing of Income Tax Return Has Extended
Monday, September 27, 2010
he Federal Board of Revenue (FBR) has decided to extend date for filing of income tax returns up to October 15, 2010. It is learnt here on Saturday that the FBR has moved a summary to the Ministry of Finance for extension in the date of filing of returns. The FBR will notify extension in date after obtaining approval of the FM.
The FBR has notified the new return for individual and association of persons (AOPs) for the Tax Year 2010 on September 22. Keeping in view practical difficulties being faced by the individuals and AOPs in filing of returns, the FBR has decided to extend the date for a period of 15 days.
Labels: Income Tax Return
posted @ 11:15 AM,
,
FBR Broadening The Tax Base By 29 Percent
Thursday, September 16, 2010
The Federal Board of Revenue (FBR) has succeeded in broadening the tax base by 29 percent, just in one year, by mopping up new companies, associations of persons (AOPs), individuals, salaried persons and employers. There has been an increase of 29 percent in the existing tax base during the period under review, reflecting extraordinary performance of the FBR in discovering new taxpayers.
As compared to previous fiscal year the increase in number of new companies, AOPs, individuals and salaried persons, who filed returns/statements has been unprecedented this year as a result of more practicable enforcement strategy of the department. Every year, the government fixes target of achieving 20 percent for broadening the tax base.
However, 29 percent increase in the tax base showed successful implementation of the enforcement plan, monitoring policy and voluntarily compliance by new taxpayers.
Documentation of property transactions and enforcement of returns filing by the business suppliers had also helped the tax department to amassed 29 percent growth in the tax base. The FBR has also witnessed substantial increase in the number of statements filed by employers and return filing by non-salaried individuals during this period.
The FBR latest data showed that the FBR had received 2.31 million returns and statements during period from July 1, 2009 to June 30, 2010 as compared to 1.79 million returns in the corresponding period of previous fiscal year, reflecting an increase of 0.516 million. The data clearly reflected that the 0.516 million new taxpayers had been discovered during the period.
According to sources, the FBR has been able to bring 0.516 million new taxpayers into the tax net due to proper monitoring and enforcement in the field formations. The policy measures vis-à-vis direct taxes also played an important role to encourage voluntary compliance.
The FBR data further showed that it had discovered over 21,099 companies cases during the period under review, reflecting improved compliance by the corporate sector. A total of 46,657 AOPs had responded to FBR's awareness campaign to enforce filing of returns during July 1, 2009 to June 30, 2010 as compared to 27,649 return filers in the same period of previous fiscal year. This showed that 19,008 new AOPs had been brought into the tax net during the said period. Over 21,099 taxpayers, falling within the category of individuals, filed returns during the period under review.
Similar trend had been observed in the salaried class where the number of return filers by the salaried individuals showed sudden jump during this period. The data showed that 197,743 salaried persons filed returns during the period under review. Within the category of non-salaried individuals, 639,233 persons filed returns as compared to 548,790 returns filed by non-salaried taxpayers. The statements filed by the employers after deduction of tax from the salaried persons stood at over and above 1.3 million as compared to 0.9 million, the FBR data said.
Sharing some of the factors responsible for increase in the number of taxpayers, sources said that the extended date in filing of returns, massive awareness campaign and effective enforcement strategy to ensure filing of returns by potential taxpayers helped the department to broaden the tax base
posted @ 10:57 AM,
,
