A sum of Rs. 92 billion was collected from telecom users as advance income tax (AIT) during the fiscal year 2023-24 (FY24).
According to information submitted to the National Assembly by the Ministry of Finance, the AIT collected during FY24 was 15 percent higher than the collection of Rs. 80 billion in the previous fiscal year i.e. FY23.
Similarly, as per the response submitted by the ministry, during FY22 the AIT collection stood at Rs. 61 billion while Rs. 55 billion were collected as AIT in FY21.
The collection of AIT stood at Rs. 50 billion in FY20. The total AIT collection in the last five years i.e. from FY20 to FY24 stood at Rs. 338 billion.
The ministry pointed out that the AIT collected from consumers is adjustable and can be claimed in the income tax returns.
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