Income tax Return
Income tax Return means a tax chargeable on Income. Every Individual, AOP, and Company is liable to File Income Tax Return for the entire tax year starting from July 01 to June 30. Income Tax Return is filed every year to provide the complete detail of the Income and Expenses along with the wealth statement.
First of all, we discuss Income Tax returns in Pakistan according to the Individual point of view that how individuals are liable to File an income tax return and when it is compulsory for an individual to file Income Tax returns. Individuals are such a person who is working as a sole proprietorship or earn Income from salary.
the tax consultants who are an Individual who earns Income from salary then they should be liable for Income Tax Return in Pakistan before September 30 under section 114 of the Income Tax Ordinance, 2001 to avoid penalties and default surcharges. The salaried Individual file a salary Return for an Individual.
File a salary return
Following documents are required to File a salary return for an individual
1. Bank Statements
2. Salary slip for the complete year
3. Withholding Tax deducted on salary
4. Income from another source
5. Utility bills (such as electricity)
6. Expenses Details
7. Investment Details for the complete year
8. Details regarding the change in wealth
9. Purchase / Sale of Assets
10. Detail of Withholding Tax deducted at a different source.
If a person is other than a salaried person then such a person files a Normal Tax Return. Such a person is also liable to File Income Tax Return before September 30 to avoid penalties and default surcharges.
Following documents are required to file a Normal Return
1. Banks Statements (All Banks)
2. Detail of Tax already deducted
3. Source of Income
4. Detail of Utility bills
5. Expenses Detail
6. Investment detail for the complete year
7. Purchase / Sale of Assets
8. Detail regarding the change in Wealth Statement
If a person is doing business and maintaining accounts then we also mention the cost of sale and other operating expenses in the Return.
If a person doesn’t stay in Pakistan for a period of 183 days then he/she is liable to File Non-Resident Return.
Tac Consultancy is a firm where you can file your Income Tax with full of accuracy and pay the minimum amount of Tax. In this way, you can save money. So please contact us for filling of Income Tax Return or visit our office.
If anyone wants to become a filer and he didn’t register in FBR then we make NTN of that person free of cost and he should only pay the amount of Return.
For NTN Registration following documents are required;
• Mobile Number
A person filing Income Tax Return for the first time shall file 2 years Return and also be liable to pay a penalty of amounting Rest. 1000 in FBR to enjoy the status of Filer. If any person doesn’t file an Income tax Return for any period then he should be liable to pay penalty and submit all previous returns.
For all Individuals, Income Tax Return filling time limits are July 01 to September 30. So all those who are registered in FBR file their Income Tax Return before September 30. So please contact us to File your Income Tax Return for this Tax year. We provide you best services with a full of guarantee.