ISLAMABAD: A total of 22,593 individuals having annual income of Rs6 million or above filed their income tax returns for the tax year 2018 that is less than one percent of the total individual return filers, according to the Federal Board of Revenue (FBR).

According to the Federal Board of Revenue (FBR), analysis of individual filers as per income slabs for tax year 2018, a total of 2,743,404 individuals falling under different taxable income slabs filed their income tax returns for the tax year 2018.

Meanwhile, total number of 1,004,221 individuals falling within the category of taxable income/slab (Rs400,000 and below) filed income tax returns for the Tax Year 2018.

In percentage terms 36.60 percent filers fall within the category of taxable income/slab (Rs400,000 and below) for the Tax Year 2018. A total of 441,312 filers (16.09 percent) are covered under the taxable income/slab Rs500,001 to Rs750,000.

The number of filers within the taxable income/slab Rs400,001 to Rs500,000 stood at 433,144 (15.79 percent).

A total of 184,930 taxpayers (6.74 percent) falling within the category of final/fixed tax regime filed their returns during this period. A total of 153,645 filers (5.60 percent) fall under the taxable income/slab of Rs1,500,001 to Rs2,500,000.

Within the taxable income/slab of Rs2,500,001 to Rs4,000,000, a total of 59,276 persons (2.16 percent) filed returns for tax year 2018. Within the category of taxable income/slab Rs6,000,000 and above, 22,593 individuals filed their returns (0.82 percent) of the total returns filed by individuals. Within the category of taxable income/slab of Rs4,000,001 to Rs6,000,000, the number of return filers stood at 21,934 (0.80 percent).

Copyright Business Recorder, 2020