FBR Collects Rs. 320 Billion Tax in October, Extends Date for Filing Income Tax Returns - Android
FBR has collected over Rs. 320 billion during the month of October 2019 and maintained an overall increase of 16… Read More
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FBR has collected over Rs. 320 billion during the month of October 2019 and maintained an overall increase of 16 percent over last year.
FBR Chairman Shabbar Zaidi stated in his tweet on Thursday that FBR has collected Rs. 320 billion during the month of October 2019.
Alhumdullilah, FBR has collected Rs 320 billion during the month October 2019 and has maintained overall increase over last year of 16 percent and domestic tax over 25 percent. This is after taking into account negative aspect of import contraction of around Rs 50 billion.
— Syed Shabbar Zaidi (@ShabarZaidi) October 31, 2019
According to the officials, revenue collection in October stood at Rs. 320 billion versus monthly target of Rs. 376 billion, leaving a shortfall of about Rs. 56 billion.
This takes the revenue shortfall to Rs. 163.5 billion in the first four months (July-Oct) period of the current fiscal year as the provisional revenue collection stood at Rs.1283.5 billion against desired target of Rs. 1,447 billion.
Meanwhile, the Federal Board of Revenue (FBR) has extended the date of filing of Total Income / Statements of final taxation for Individuals and Associations of Persons for the Tax Year 2019 up to November 30, 2019.
According to an income tax circular number, 15 of 2019 issued by the FBR here on Thursday, in the exercise of the powers conferred under Section 214A of the Income Tax Ordinance, 2001, the FBR has extended the date of filing of Income Tax Returns/Statements for the Tax Year 2019.
It said the deadline was extended and Section 214A of the Income Tax Ordinance, 2001 in respect of those companies who have paid 95% of the admitted tax liability on or before Sept 30.
The FBR had earlier announced to charge Rs. 40,000 fine for failing to submit returns by Oct 31 but did not go ahead with it.
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