26,740 new returns filed during 2010-11

ISLAMABAD: As many as 26,740 new tax returns have been filed upto June 30 during the outgoing financial year and Rs.356 million have also been recovered from them.

According to a statement of the FBR issued here on Friday, as a result of FBR’s current drive for Broadening of tax base, 26,740 new returns have been filed during the year ending on 30-6-2011 from which Rs.356 million tax has been recovered.

Further more, 17,134 provisional assessments under section 122C of Income Tax Ordinance 2001 have been made, from which tax demand of Rs.5,804 million has been created. Directorate General of Intelligence and Investigation (Inland Revenue) also conducted audit of collection of withholding tax by various banks. As a result of this audit, Rs.4,253 million has been recovered and deposited at LTU, Karachi.

“FBR has shown its clear resolve to continue its efforts for expansion of tax base. Also, in future there would be no relaxation in such drive for audit and reconciliation of tax with held by withholding agents”, the statement added.

Copyright APP (Associated Press of Pakistan), 2011