FBR witnesses 30pc increase in number of active taxpayers for FY20 dunyanews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dunyanews.tv Daily Mail and Mail on Sunday newspapers.
FBR Proposes Amendments to Income Tax Rules 2002
The FBR has proposed amendments in the Income Tax Rules, 2002 through a notification issued on Tuesday.
A tax expert told Propakistani that the FBR issued the draft notification, much awaited by investors in stock exchange fulfilling their demands by allowing adjustment of capital loss suffered by them due to pandemic of covid during 2019 and 2020. However considering a large number of investors being not on the ATL list, the incentive is not allowed to the persons who are not on the Active Taxpayers List.
The loss on sale of securities can now be adjusted in the tax year 2021 and following 3 years of active taxpayers. Further, Adjustment of carried forward losses shall be made on monthly basis by NPCCL from the first month of updation of ATL for that tax year, tax expert added.
For inclusion into ATL Late filers to pay surcharge thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
FBR Releases Active Taxpayers List for Tax Year 2020
The Federal Board of Revenue (FBR) Monday released the Active Taxpayers’ List of over 2.1 million income tax return filers for Tax Year 2020 as of March 1, 2021.
The income tax returns for the tax year 2020 now stood at 2.62 million compared to 2.43 million last year, showing an increase of 8%.However, the updated ATL contains data of over 2.1 million taxpayers as the rest have not paid the late filing surcharge needed to be on the latest ATL.
The Active Taxpayers List of Azad Jammu and Kashmir is to be considered at par with the ATL (Income Tax) after amendment in the Income Tax Ordinance 2001 through Finance Act 2018.