Income Tax Returns
The first thing here is to discuss about, who should file Income Tax Return in Pakistan? As well as how to file Income Tax Return in Pakistan?.
Who should file Income Tax Return in Pakistan?
- Having NTN number (National Tax Number)
- Annual Income Rs.400,000/- or more
- Salary Individuals
- Business Individuals / Firms / Companies / Associations / NGO / Trust
- Dividend income from companies listed in stock market / Unlisted in stock market
- Profit on bank accounts, National savings and other saving schemes
- Commission Income
- Having assets in Pakistan, must be declared in wealth statement (which is mandatory)
- Any tax deduction activities during the tax year
Income Tax Rates:
Income tax rates change every year in financial budget, which normally announces in the month of June. The tax rates can download from the official website of FBR which is www.fbr.gov.pk.
Income Tax Challan:
If there is any tax liability during the period, FBR system prepare electronically income tax challan, which can be paid in any of the authorized branches of National Bank of Pakistan/ State Bank of Pakistan. The income tax challan should be taken from FBR portal with barcode, otherwise the tax challan will not be acceptable and verifiable.
Note:
Don’t handover tax payment to anyone in cash, you must go to bank and deposit directly, it is the right way.
Wealth Statement:
- Details of assets on your name like Property, Vehicle, Cash, Bank balance, House Holds, Personal items, Jewelry and other Assets.
- Details of liabilities Like Loan.
- Any amount receiving as a foreign remittance will be entered in your wealth statement.
Last date for Income Tax Return in Pakistan:
Normally September 30th of every year is the last date of income tax submission, but the date extends every year.
Want to File Income Tax Returns.
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