Islamabad, Sep 19: The Federal Board of Revenue (FBR) has received 1.772 million income tax returns for the tax year 2024 as of September 17, 2024. This marks a significant increase of 844,748 returns compared to the 928,049 returns filed during the same period in FY2023.
In addition to the rise in filings, the FBR collected Rs. 17.2 million in admitted tax through these returns, a sharp increase from the Rs. 3.875 million collected last year.
This surge in tax revenue is attributed to the withdrawal of exemptions and the elimination of minimum tax requirements, leading to a higher comparable revenue, according to FBR sources.
The FBR also reported that 195,194 income tax returns have been filed by new tax filers in FY2024 so far. The tax authority has reiterated that it will not extend the filing deadline beyond September 30, 2024, urging taxpayers to comply within the given timeframe.
