Federal Board of Revenue (FBR) Member Inland Revenue (Policy) Dr Hamid Atiq Sarwar said the government is not considering any new tax measures or mini-budget during 2024-25.
The FBR member told the Senate Standing Committee on Finance that the Prime Minister has only approved enforcement measures against non-filers and imposed sanctions on non-filers who indulge in massive under-declarations or providing false information in returns. will be against those involved.
He said that there will be no mini-budget or new revenue measures in the coming days. Dr. Sarwar clearly told the committee that the last date for submission of income tax returns will not be extended beyond September 30.
The FBR member said that the number of return filers for the tax year 2023 has reached 6 million and we are expecting more returns due to the ongoing crackdown against non-filers of income tax returns.
He revealed that 25 lakh people have filed zero income returns. The computer system will not allow zero income financial transactions unless they specify their sources of income or earnings etc.
Later speaking to the media at Parliament House, Member Inland Revenue (Policy) said that the FBR has formulated a strategy to meet the revenue collection target set for the first quarter (July-September) 2024-25. has been finalized.
He said that FBR will achieve the target of 2652 billion rupees for the first quarter of this financial year. FBR has estimated to collect around Rs 50 billion with returns. The advance tax installment is also to be paid by the corporate sector and banks in September 2024. Gas companies will also pay the tax due during this month.
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2024-09-29 09:19:08
