Filing of Income Tax Return in Taxila
MAS Law Firm is a tax advisory firm offering affordable tax filing services. If your corporate affairs require extensive documentation, form filling can be overwhelming with numerous sections. MAS Law Firm provides top income tax services in Taxila, where clients upload their documents, and our experts prepare the income tax return draft.
What is Income Tax?
Tax is an involuntary fee imposed on individuals or corporations by the government. It can be local, regional, or national. Income tax is a consistent form of taxation. By law, all individuals must file income tax annually if they are liable.
The government collects income tax to fund essential projects. MAS Law Firm is a top income tax consultant in Taxila, helping clients with tax issues. Income tax reduces economic disparity. Tax rates and calculations vary based on the taxpayer's financial status. There are several types of taxpayers, including the following.
- Companies
- Association of Persons (AOP)
- Salaried individuals
- Non – Salaried Individuals
Filing an income tax return in Pakistan is a tedious and dull process. Preparing a tax return involves complex calculations and documentation, consuming a lot of time. It often becomes an annoying experience due to a lack of public awareness about the required details. Additionally, the deadline for filing makes the process more stressful. The details on income tax return filing in Pakistan issued by the Federal Board of Revenue, Pakistan.
Who Needs To File Income Tax Returns in Pakistan?
Following is a list of persons that are required to submit an Income Tax Return for a tax year under Income Tax Ordinance (2001). Check if you fall into any of these categories.
- Every registered company in Pakistan
- An individual with a taxable income exceeding Rs. 400,000/-
- A non-profit organization commonly called NPO
- A welfare institution.
- An individual who owns immovable property of two hundred fifty square yards or more
- Every individual who is the owner of Motor Vehicle above 1000 CC Engine capacity.
- Every individual who has a National Tax Number
- Every individual which owner of commercial or industrial electricity connection.
Benefits of Income Tax Return filing in Pakistan
- Help to avoid Penalties
- Claim Tax Refunds
- Proof of Legal Income and Address
- Helpful in Easy Loan processing from banks
- Useful for income reconciliation during visa application processing.
- Carry forward losses
What is Wealth Statement?
The following types of companies’ investors may set up in Taxila:
Each resident must submit their Wealth Statement and reconciliation for the year they file their Income Tax Return. The Wealth Statement includes,
- Personal Assets and Liabilities of an Individual.
- Assets and liabilities belong to the spouse, children, and minors. If the person is dependent, their assets and liabilities are included as well.
- Assets gifted, sold, or transferred to another person during the tax year.
- Summary of total expenses incurred by Person, Wife, Children, and Dependents for the year.
- Reconciliation of last year's wealth with this year's income.
What are Tax Refunds?
A person can claim refunds if they file their income tax return online. Manual filers are not entitled to refunds.
Your Income Tax Refund amount should be clearly stated in the FBR online system (IRIS). Refund applications are filed separately in IRIS within two years from the return filing or tax payment date, whichever is later. For application status, the taxpayer must visit Regional Tax Office in FBR.
Income Tax Due Dates
|
Person |
Due dates |
|
Individual & AOP/ Firms |
On or before 30th September |
|
Company |
On or before 31st December |
|
Company having a special tax year |
On or before 30th September |
Penalty for Not Filing Income Tax Return and Wealth Statement
If someone misses the Income Tax Return deadline, they must pay a penalty.
|
Description |
Penalty |
|
Income Tax Return |
Rs. 40,000 |
|
Wealth Statement |
Rs. 100,000 |
Cases When Income Tax Returns Is Unsuccessful
Your Income Tax Returns may not be accepted in some cases. Per the Income Tax Ordinance 2001, individuals and companies must ensure accurate completion of Tax Return Forms. Incorrect information can lead to penalties. Before filing, follow these guidelines.
- CNIC should be valid
- All mandatory fields on the tax form must be filled correctly and not left empty.
- The Taxpayer or representative must sign/verify the Tax Return properly.
- Taxes should be paid adequately, and CPR numbers should be correct.
How MAS Law Firm can help you in filing Tax Return
MAS Law Firm is an income tax consultant in Taxila offering affordable tax filing services. If your corporate affairs require detailed documentation, form filling can be complex with many sections and subsections.
MAS Law Firm provides top-notch income tax filing services in Taxila and nearby areas. Clients typically upload their documents for tax filing, which our system and experts analyze for adjustments and savings. After preparing the tax return, clients can review all information before the final submission.
Our professionals strive to simplify your tax returns and file them on time, reducing the risk of audits.
