LCCI holds awareness session on income tax return filing

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has organised an awareness session on the filing of income tax returns in collaboration with the Chief Commissioner Regional Tax Office (RTO) Lahore.

Chief Commissioner RTO Lahore Ahmad Shuja gave a detailed presentation on income tax return filing and related statistics. The session, aimed at guiding the business community, was attended by LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, Executive Committee members and representatives from various business sectors.

Chief Commissioner RTO Lahore Ahmad Shuja in his address emphasized the importance of compliance with tax regulations and highlighted the benefits of filing tax returns on time. He assured that the RTO Lahore was committed to providing maximum support to facilitate businesses in the process.

“Response from the Lahore taxpayers is marvellous and encouraging,” the Chief Commissioner said and added that the number of tax returns was increasing in RTO Lahore region.

He said that 180,645 returns had been received during 1st October 2024 to 20 October 2024 as compared to 69,061 during the same period of 2023 which shows 111 percent increase.

President LCCI, Mian Abuzar Shad, expressed his gratitude to the Chief Commissioner RTO Lahore for his collaboration and pledged the Chamber’s commitment to educate the business community about tax compliance. He stressed that timely filing of income tax returns is not only a legal obligation but also a means of contributing to the national economy.

LCCI Vice President Shahid Nazir Chaudhry stressed up on the need for simplifying tax procedures for the business community. He appreciated the Chief Commissioner’s willingness to address individual concerns and encouraged the attendees to actively participate in the session.

The session included a detailed presentation by RTO Lahore officials on the step-by-step process of filing income tax returns along with a question and answer session where participants raised their specific concerns. Topics such as tax exemptions, online filing and penalties for late submissions were thoroughly discussed.

Copyright Business Recorder, 2024