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FBR Income Tax Return Filing

FBR Income Tax Return Filing

The FBR Income Tax Return Filing Service in Karachi is provided on an urgent basis by our senior tax lawyers. The filing of Income Tax returns is a requirement for all individuals, businesses, and associations of persons in Pakistan. December 30, 2022, is the deadline for filing tax returns. In the previous financial year, if you earned more than Rs5 00,000, you must pay Income Tax.

FBR Income Tax filing in Pakistan by our firm

Filing your annual Income Taxes can be a daunting process, especially when it comes to FBR Income Tax filing in Pakistan. The complicated regulations and paperwork required can be confusing and overwhelming. That’s why our firm is here to help you with your FBR Income Tax return filing. We understand that the taxation system in Pakistan can be complex and intimidating, so we offer services to make the filing process easier for you. With our experience and expertise, we can provide you with the best guidance and advice to ensure that your taxes are filed correctly and on time. Keep reading to find out how our firm can help simplify the process of filing your FBR Income Tax return.

What is the FBR?

FBR Income Tax Return Filing

The Federal Board of Revenue (FBR) is the primary tax-collecting agency of the Government of Pakistan. It is responsible for collecting taxes from individuals and businesses, and for administering customs and excise duties. The FBR is also responsible for issuing national identity cards, passports, and driving licenses.

What is Income Tax filing?

Income Tax filing is the process of submitting your tax return to the Federal Board of Revenue (FBR) in Pakistan. This can be done by individual taxpayers, businesses, or organizations.

Taxpayers must file their Income Tax return on or before the due date in order to avoid any penalties. The due date for filing is usually 30th June of each year.

Individual taxpayers can file their Income Tax returns online through the e-filing system available on the FBR website. Businesses and organizations can also file their Income Tax return online, but they will need to use the special e-filing system for businesses.

It is important to make sure that all information and documentation required for Income Tax filing is complete and accurate before submitting the return. Incomplete or inaccurate returns may lead to delays in processing or even rejection of the return.

In Pakistan, who is required to file an Income Tax return?

In Pakistan, companies, and businesses (Partnership firms, AOPs, BoPs, and corporate entities) with assets or places of business located within the country, including non-profit organizations, are required to file Income Tax returns.

What is the penalty for late filing of Income Tax returns?

Income Tax penalties range from Rs1,000 to Rs40,000 depending on when you file your return during the year. After December 20, a penalty of Rs20 per day will be applied (thereafter). Even without an audit report, one should file their Income Tax return before December 20 as per law.

The deadline for filing Income Tax returns in Pakistan is the 30th of December.

In Pakistan, filing Income Tax returns is mandatory. Having to file an Income Tax return ensures that the government collects the taxes due from your income, and if you fail to file it on time, you’ll be penalized.

In Pakistan, the deadline for filing Income Tax returns is 30th December every fiscal year (FY). You must complete your audit report by 15th September if you want to submit your ITR after that date. You must attach it to your ITR when you submit it offline or electronically with any authorized person or institution.

FBR Income Tax Return Filing

The Income Tax Return for the Fiscal Year 2022 (The Tax Year 2021-2022).

A new Income Tax Return Form for Tax Year 2022 (The fiscal year 2021-2022) has also been issued by FBR. Income Tax returns must be filed by 30th December 2022. Get your bank statements and tax deduction certificates together now, and visit our office or your lawyer’s chambers before the deadline.

File your 2022 tax returns as soon as possible

Filing an Income Tax Return | What is the process for becoming a Tax Filer?

The FBR website allows you to file your taxes if you are familiar with tax laws and have updated yourself with the SROs.

Online Income Tax Filing

Online filing is a very convenient and easy process. Using the e-filing website at fbr.gov.pk, you can also save time and money by filing your Income Tax returns. In addition to saving you time, it also reduces errors in data entry and ensures compliance with tax laws.

Knowledge of Income Tax Return Filing

Tax returns are filed for what purpose?

Every year, the government requires you to file your Income Tax returns so that they can collect taxes from you. Pakistan uses these taxes to build schools, hospitals, and other infrastructure.

When is the filing deadline for Income Tax returns?

From this year until 2023-24, all individuals are required to file their Income Tax returns by 31st July every year before 15th August in accordance with FBR rules (Federal Board of Revenue). Nevertheless, if anyone fails to submit their ITR within this timeframe, they will be liable for 5% interest on the total payable amount plus a late payment fee each month until their return has been filed.

Process for filing Income Tax returns

Everyone residing in Pakistan is required to file taxes. When you file your Income Tax return, you will ensure that you are following the law and paying your fair share of taxes, which will help fund social services, schools, and hospitals.

Federal Board of Revenue (FBR) website: https://www.fbr.gov.pk/electronic_filing/ allows you to file your Income Tax returns online. Step-by-step instructions are provided on the website for completing each section of the form, as well as information about where to find details about your earnings and expenses. For assistance with completing your return forms online, you can also call their helpline at 0800-118-118 from within Pakistan or +92 21 111 0000 from outside Pakistan.

Filing Income Tax Returns – Download Forms

You can find many forms on the FBR website when you are ready to file your Income Tax return. Forms can be downloaded as PDFs or MS Word documents. By saving the form to your computer first, you can print it out if you have a printer at home.

FBR Income Tax Return Filing

The prerequisites for filing an online tax return

Make sure you have these documents before you file your taxes online:

  • You can get a CNIC (National ID card) online or at any branch of the National Database and Registration Authority (NADRA).
  • An account where tax payments can be deposited. Account setup fees are usually charged by banks, but they’re often waived if you have another type of account with them (like a debit card). It may be easier to start with an online payment service like Paypal instead of a bank account if you don’t have one yet. If necessary, you can always use this later.
  • In order to complete your taxes electronically, you’ll need a computer or mobile device with internet access.
  • Filers must have internet access so that all documents can be uploaded and sent electronically via email once completed, including scanned copies of certificates for e-taxes such as CNICs.

Online filing of Income Taxes in Pakistan

You can file your Income Tax returns electronically through FBR’s user-friendly e-filing system. Although it is very difficult and complex.

You can file your tax return from anywhere, anytime, and from any device, if you are a taxpayer.

Our online platform for filing an Income Tax return

Our online platform allows you to file IT Returns from anywhere and at any time without visiting the FBR office. Through this platform, you can easily submit your form so it gets processed immediately by our team of professionals who will handle it until confirmation is received.

Moreover, there are no complications or hassles associated with it because all information required while filing IT Form 16 has been provided by us on our website along with detailed guidelines regarding how such forms should be filled out to avoid errors that might lead to rejection once the submission process is complete without any problems!

FBR's website allows you to file your taxes online.

You can file your taxes on the FBR website. The FBR website also allows you to file your taxes online for free.

If you wish, you can file your taxes through the FBR website and submit them securely, or you can hire a professional tax preparer to file them for you. The choice is yours!

Filing Income Taxes is a legal requirement

Our society places a great deal of importance on this issue. It is a civic responsibility as well as a legal obligation to file taxes. As a result, the government is able to raise funds for development projects, improve infrastructure, and provide essential services to its citizens. To make sure that citizens receive all of the benefits they are entitled to by law and improve Pakistan’s economy overall, every citizen must file their returns online with the FBR.

How can our firm help you with FBR Income Tax filing in Pakistan?

At our firm, we can help you with FBR Income Tax filing in Pakistan in a number of ways. First, we can help you determine what your taxable income is. 

 

Once we have determined your taxable income, we can help you file your Income Tax return with the FBR. We will ensure that all of the required information is included on your return and that it is filed correctly. We can also help you make any payments that may be due with your return.

 

If you are audited by the FBR, we can represent you during the audit process. We will work to ensure that the audit is conducted fairly and that any taxes owed are calculated correctly. We can also negotiate with the FBR on your behalf if you owe additional taxes after the audit.

 

No matter what your needs are, our firm can help you with FBR Income Tax filing in Pakistan. Contact us today to learn more about how we can help you

FBR Income Tax Return Filing

Forms for the Income Tax return of the salaried class are as follows:

The IT-2, IT-2S, IT-4, and IT-4S

Form no. IT-2 must be filed by salaried individuals, while form no. IT-4.  must be filed by those who do not have a business or profession but have other sources of income. For each taxpayer, only one form must be submitted each year, regardless of whether the income is earned through employment or otherwise (e.g., interest from bank accounts). Salaried workers must include supporting documents such as salary slips, TIN certificates, etc., with their declarations.

The IT-2S form is for salaried employees, while the IT-4S form is for non-salaried employees (non-business owners).

1. For salaried employees(IT-2) 

You can file your Income Tax return in four ways if you are a salaried individual:

  • Using the FBR portal to e-file;
  • Posted by mail;
  • It is also possible to submit your IT-2 form in person at a tax office if you do not wish to e-file or use the postal service (this is recommended only if you do not have internet access);
  • Tax consultants can help salaried people with their IT-2 forms at tax offices (only applicable to salaried people).

2.  Pensioners(IT-2P) –

Income Tax returns are required for pensioners (IT-2P). For pensioners who received salary or pension income during the year, you must fill out the IT-2P form.

You can submit this form instead of a detailed return if you owe less than Rs 500,000 in total taxable income. Basically, it’s a simplified version of Form-IT2 and can be used by people who don’t want to submit their detailed tax returns but still have to pay taxes on their pensions and salaries.

 

FBR has issued the following form for business Income Tax returns:

FBR has issued the following form for business Income Tax returns:

IT-4S

In the case of an audit report, the due date for filing Income Tax Returns is December 30. If there is no audit report or no audit requirement, returns must be filed by December 20.

Who is required to file an Income Tax Return?

Individuals who are required to file an Income Tax return include:

Superannuation Funds Income Tax Return (Form No. IT-34) – For all funds established by law or by a trust deed or trust agreement; these include pension and provident funds An individual who earns more than Rs.300,000/- during the year is required to file a return.

Residents of Pakistan (and not non-residents) who were the following during the previous year:

  • Individuals; or
  • An association partner; or
  • Trustees of trusts or estates;
  • Local authority officer/employee in Pakistan;

It does not matter if you wish to claim deductions under section 9 from your total income based on donations made by him/her or himself/herself on behalf of his/her spouse, children under 18, etc., during the previous year (before 31st March).

In Pakistan, the Federal Board of Revenue (FBR) is responsible for collecting taxes from citizens. The authority also determines the Income Tax rate.

As soon as you are paid for your work, you must file your Income Tax return. Your employer will issue you a WHT certificate that details your earnings. The FBR can then use this information to report your income and collect taxes. Depending on your income bracket, you’ll pay different taxes. If you earn more than Rs.400,000 annually, your Income Tax rate will be 5%. In the event of an increase in income, the tax slab is enhanced.

Every year, you must file your Income Tax return by 30 December. You will be charged late fees if you do not file by this date. Extending your deadline is possible. Tax evasion is the failure to pay taxes when you are required to do so. It may result in prosecution by the authorities.

Feel free to reach out to us if you have any questions about filing your taxes or need assistance with any aspect of the process. If you have any questions or concerns during this process, please don’t hesitate to contact us at Taxocrate!

Filing of Income Tax returns

FBR Income Tax Return Filing

In Pakistan, taxes are collected by the Federal Board of Revenue. The Income Tax Ordinance, 2001, is also administered by them.

If an individual earns more than Rs. 400,000 annually or has a total taxable income of Rs. 600,000 (for married women), they must file their Income Tax returns every year. A change in status, such as getting married or divorced; becoming a Pakistani resident; or changing residences within the country, also requires Income Tax returns.

Bank Alfalah Limited, Bank Al Habib Limited, and others allow you to file your Income Tax return electronically.

In Pakistan, Income Tax returns are filed with the Federal Board of Revenue (FBR). Taxes are managed and collected by the FBR on behalf of citizens and businesses. When you get paid for your work, you must file your Income Tax return. Your employer will issue you a WHT certificate with details about your earnings. Using this information, you can report your income to the FBR and pay your taxes.

Income Tax returns must be filed if you earn more than Rs50,000 in a fiscal year (1 July – 30 June) or if you earn less than Rs50,000 but have additional income sources (such as rental income or capital gains). If you have any deductions or rebates that reduce your taxable income below Rs50,000, you must file an Income Tax return.

 Tax evasion is the failure to pay taxes when you are required to do so. You could be prosecuted for tax evasion!

Filing an Income Tax return is an annual process

 Pakistan Income Tax Return Filing

Every Pakistani citizen is required to file an Income Tax return every year. Federal Board of Revenue (FBR) collects Income Tax from all citizens based on their income and other sources of income, such as dividends and interest. The FBR website allows you to file your Income Tax return online every year by the end of March.

Form DSD-04 must be filled out if this is your first Income Tax return. The form asks for your name, address, age, occupation, and marital status. Additionally, you must provide information about any other income you earned during the year. 

Do you have to file an FBR Income Tax return?

Income Tax returns are generally required for individuals who earn more than Rs. 400,000 per year or have taxable income. Individuals whose only source of income is salary/pension and agricultural income are exempt from filing ITRs. As a result,

Filing Income Tax returns in Pakistan is essential for strengthening the economy and curbing corruption. You will be able to avoid heavy penalties imposed on late filing of ITRs with FBR by doing this. You should not only file your Income Tax Return but also keep copies of all documents attached to your return form as proof because you may receive notices from the FBR regarding those documents in the future. It is always better to hire professional tax advisors or accountants since they have more knowledge about the procedure of Income Tax Return Filing in Pakistan and can prevent errors when filing tax returns.