The Karachi Regional Tax Office (RTO) recorded 27 percent growth in direct tax collection during July-October 2010 period. According to provisional statistics made available to Business Recorder here on Tuesday, the RTO collected Rs 40.082 billion on account of direct taxes as against Rs 31.52 billion of last year's corresponding period, surpassing by Rs 8.56 billion.
The revenue collection made from scrips' trading under section 233A of Income Tax Ordinance (ITO) 2001, witnessed 511 percent growth as compared to Rs 0.347 million of last fiscal year. The department said it had accumulated Rs 268.86 million on account of dividend income during July-October 2010 period, which was collected at the rate of 10 percent under section 150 of ITO, 2001, showing 25 percent growth comparatively to the collection of Rs 215.45 million made in preceding fiscal period.
The collection made on account of profit on debt from banks and government securities stood at Rs 2.497 billion and Rs 15.43 million, respectively, depicting substantial growth as against last fiscal collection. Similarly, the Karachi RTO has witnessed phenomenal growth in some other heads; 174 percent in rentals, 26 percent in withdrawal from banks, 19 percent in the head of prize bonds, 21 percent in indenting commission in foreign exchange, 30 percent in current demand, 70 percent in advance tax and 42 percent in miscellaneous. However, the revenue collection made from returns arrears demand and minimum tax payments dropped by 10 percent, 100 percent and 20 percent, respectively.
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