Learn how to file your income tax in Pakistan by reading this guide!
- Step 1: Become familiar with the Federal Bureau of Revenue’s guidelines for filing taxes for 2017. Step 2: Register with the Federal Bureau of Recruitment’s electronic enrollment system online. The third step is to prepare and submit your tax documentation. Who is responsible for filing income tax returns? If you do any of the following, your income tax returns will not be accepted:
- 1 How can I lodge my income tax return in Pakistan?
- 2 How can I file my income tax return in Pakistan 2020?
- 3 How can I submit my income tax return online in Pakistan?
- 4 Who needs to file a tax return in Pakistan?
- 5 Who is eligible for filing income tax return?
- 6 How do I submit an online return?
- 7 How do I file my first tax return in Pakistan?
- 8 What is the late fee for ITR filing?
- 9 Is freelance income taxable in Pakistan?
- 10 What happens if income tax return is not filed?
- 11 Can I file tax return with no income?
How can I lodge my income tax return in Pakistan?
By signing into Iris, you may file your income tax return online. Iris is an online gateway where you may file your income tax return. If you are filing your first Income Tax Return, you will be asked to register before you can file your Income Tax Return. After completing the registration process, you will be able to go onto Iris and file your Income Tax Return.
How can I file my income tax return in Pakistan 2020?
Tax returns for the previous fiscal year can be filed using the FBR’s web site or the Tax Asaan application, according to a statement released by the agency today. It is possible to file income tax returns using mobile phones by installing the Tax Aasan program, which is available on the Google Play store, according to the Federal Bureau of Revenue.
How can I submit my income tax return online in Pakistan?
By connecting into the IRIS Portal, you may electronically file your Income Tax Return. The Income Tax Returns Information System (IRIS) is an online site where the filing and submission of Income Tax Returns takes place. In the event that you are a first-time Income Tax filer, you will be required to register before you may file your Income Tax Return.
Who needs to file a tax return in Pakistan?
Salaried persons who earn more than PKR 500,000 per year are expected to electronically file their income tax returns.
Who is eligible for filing income tax return?
In the event that an individual’s gross taxable income [calculated before eligible exemption available for long-term capital gains on listed securities up to Rs 1 lakh and other deductions under Chapter VI-A of the Act] during a particular fiscal year exceeds the maximum amount not applicable to him/her, he/she is required to file an ITR in the prescribed form.
How do I submit an online return?
2. Online: You may enter all of the necessary information immediately into an e-filing site and submit it. ITR 1 and ITR 4 can be filed electronically by the taxpayer.
- The PAN field will be filled in automatically. Select ‘Assessment Year’ from the drop-down menu. Select ‘ITR Form Number’ from the drop-down menu. Select ‘Filing Type’ as ‘Original/Revised Return’ from the drop-down menu. Choose ‘Prepare and Submit Online’ as the submission mode under ‘Submission Mode’.
How do I file my first tax return in Pakistan?
In order to file your income tax return, the first step is to become a registered member of the Federal Board of Revenue (FBR).
- Individuals who wish to register for income tax can do so online using the IRIS Portal. The senior officer of AOP and Company, on the other hand, is required to attend the Regional Tax Office (RTO).
What is the late fee for ITR filing?
In the event that an individual has not yet filed their ITR, they will be charged a late fee at the time of filing a belated ITR. Individuals with taxable income in excess of Rs 5 lakh would be subject to a Rs 5,000 penalty if they fail to file their ITR by the due date. In the case of people with taxable incomes less than Rs 5,00,000, the penalty amount is Rs 1,000.
Is freelance income taxable in Pakistan?
PSEB will collaborate with the Ministry of Finance and the Federal Board of Revenue to ensure that foreign exchange export remittances received through freelancing codes will continue to be exempt from income tax until 2030.
What happens if income tax return is not filed?
What happens if you do not submit your ITR by the deadline of January 31? If you fail to file your returns by today’s deadline, you will be subject to a maximum punishment of Rs 5,000, which is a significant drop from the previous fine of Rs 10,000. If your annual income exceeds Rs 5,00,000, you will be subject to this tax.
Can I file tax return with no income?
If you have little or no income in a given year, you may be able to avoid completing your tax return and all of the associated paperwork. Tax returns with zero income, on the other hand, are totally legal, and doing so may be a smart choice for a variety of reasons.