ISLAMABAD: Federal Board of Revenue (FBR) received 132,505 income tax returns and collected Rs 1,769 million taxes in second quarter.
According to the FBR’s analysis issued here through quarterly review, notices issued under Section 114 of the Income Tax Ordinance stood at 465,165 as on June 30, 2016.
The board recovered unpaid taxes to the tune of Rs 921.2 million from new taxpayers against huge tax demand of Rs 36,473.5 million as on June 30, 2016 under the ongoing exercise for broadening the tax base.
The orders passed under Section 122C of the Income Tax Ordinance were 101,662. Resultantly, tax demand recovered stood at Rs 921.2 million as on June 30, 2016.
The FBR said that under the project, board was tasked to issue notices to 300,000 new taxpayers in three years ie up to June 2016. The BTB campaign was officially commenced on 19.07.2013 under the supervision of a Commissioner BTB- FBR (HQ). As the work expanded, the BTB wing was placed under the command of a Director General (BS-21) with effect from July 21, 2014.
For the purposes of BTB, data of 5.6 million financial transactions was collected from different sources and was analysed at head office. The existing taxpayers were identified on the basis of CNIC; the data of non NTN holders was sent to Nadra for verification of addresses. Notices u/s 114 of the Income Tax Ordinance 2001 were issued from the HQ.
FCCI top office-bearers set for unopposed election
FAISALABAD: The election process of the Faisalabad Chamber of Commerce & Industry (FCCI) has entered its final stage after the...
