Weekly ATL shows 14,547 tax returns filed to avail reduced withholding tax rates
KARACHI: In order to get lower rate of withholding tax rates under Income Tax Ordinance, 2001 about 14,547 taxpayers file their annual returns during last week, according to Active Taxpayers List (ATL) issued by the Federal Board of Revenue (FBR) on Monday.
According to weekly ATL-2016, the total returns received by the FBR are reached at 1,066,120 by March 19, 2017 as compared with 1,051,573 by week ended March 12, 2017.
About 15,738 taxpayers have filed their income tax returns for tax year 2016 during past week in order to avoid automatic selection of audit besides fine and penalties.
The FBR issued new ATL of those taxpayers who filed income tax return for tax year 2016 effective from March 01, 2017. Since introduction of new ATL about 54,500 return filers added to the existing return filers.
The FBR sources said that number is increasing significantly due to fear of audit. They said that the taxpayers were making compliance in order to avoid automatic selection of audit.
Under Income Tax Ordinance, 2001 a non-filer of tax return would be selected automatically for the audit. The FBR has already started audit proceeding against non-filers.