Income tax returns for TY24 reach 4.43mn as of Oct 13

October 15, 2024 (MLN): The total number of income tax returns filed for the tax year 2024 has reached an impressive 4.43 million as of October 13, 2024, marking a significant increase from 2.16m returns filed during the same period last year for the tax year 2023.

Among the total returns for the current year, 1.63m were classified as nil filers, indicating individuals or entities that reported no taxable income.

In contrast, the total returns for the tax year 2023 stand at 6.44m, with 3.49m returns being nil.

In terms of admitted tax based on payments, for the tax year 2023, the admitted tax amounted to Rs52.13m, while the admitted tax for 2024 has already reached Rs114.338m.

This uptick reflects a stronger revenue collection effort by the government, with a focus on enhancing tax compliance.

Additionally, the statistics reveal a robust influx of new filers in 2024, with 1.03m persons registered from July 1, 2023, to date. Furthermore, 0.45m individuals have registered from July 1, 2024, to date.

These data indicate an encouraging trajectory for tax compliance in the country, reflecting ongoing efforts by the Federal Board of Revenue (FBR) to improve tax administration and expand the tax base.

On another note, the FBR has once again extended the deadline for filing Income Tax Returns for the tax year 2024 up to October 31, 2024, according to an official notice.

Earlier, the deadline was extended from September 30 to October 14, 2024.

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