FBR Income Tax Return Filing in Karachi
FBR Income Tax Return Filing Service in Karachi
FBR Income Tax Return Filing Service in Karachi is available at our Taxation office at M-51, Mezz. Floor, Muneer Mobile Mall, Block 17, Gulistan-e-Jauhar. Visit us today for expert tax filing assistance and ensure your compliance with ease. Our experienced team is ready to help you with all your income tax needs.
Are You Looking for an Income Tax Lawyer to File Your FBR Income Tax Return?
Are You Looking for an Income Tax Lawyer to File Your FBR Income Tax Return?
Filing your FBR income tax return can be a daunting task, but with the right guidance, it becomes a seamless process. Our expert income tax lawyers not only ensure accurate and timely filing of your returns but also provide strategic advice on minimizing your tax liabilities while maximizing profitability for your business.
Tailored Services for Different Categories
We understand that every taxpayer has unique requirements, which is why we have streamlined our services into five key categories:
Salaried Individuals: Simplifying tax obligations for employees with expert assistance in preparing and filing accurate tax returns.
Self-Employed Individuals: Guiding sole proprietors and freelancers through their tax responsibilities with personalized solutions.
Corporations: Offering comprehensive tax services, including compliance, reporting, and strategic planning to optimize corporate profitability.
Non-Profit Organizations: Ensuring compliance with tax regulations specific to charitable institutions, trusts, and NGOs.
Associations: Helping professional and trade associations fulfill their tax obligations efficiently and accurately.
Step-by-Step Process for Filing Your Income Tax Return
Our process is designed to make filing your income tax return straightforward and stress-free:
Initial Analysis: We begin by analyzing your books of accounts to ensure all financial records are accurate and up to date.
Preparation of the Income Statement: Based on your financial data, we prepare a comprehensive income statement.
Review and Amendments: We carefully review the prepared statement for accuracy and make any necessary amendments.
Client Consultation: Once the income statement is finalized, we discuss it with you, addressing any concerns or queries you may have.
Filing the Schedule: Upon your approval, we proceed to file your income tax return with the FBR, ensuring full compliance with all regulations.
Why Choose Us?
Our team of experienced income tax lawyers is committed to providing top-notch services tailored to your specific needs. Whether you are an individual, a corporation, or a non-profit organization, we deliver reliable, efficient, and affordable tax solutions. With a focus on accuracy and compliance, we ensure your peace of mind during tax season.
Contact Us Today
If you have any questions or need assistance with filing your income tax return, don’t hesitate to reach out. Our experts are here to guide you through every step of the process and help you achieve your financial goals. Let us handle your tax worries so you can focus on what matters most—your success.
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Penalty for Not Filing an Annual Income Tax Return
The penalty for non-filers or late filers is 0.1% of the tax due for each day of default, up to 25% of the tax due.
In addition, those who fail to file, file late, or fail to file short are charged a Default Surcharge (interest) at the rate of KIBOR plus 3% per quarter.
If a return of income and/or statement of final tax are required in response to a notice issued by the Commissioner, non-filers and late filers commit an offence punishable by a fine or imprisonment for a maximum of one year.
Who Does Not Require Filing an Income Tax Return?
The following individuals are exempt from filing a return of income:
Salaried Individuals Earning Below Rs. 600,000 Monthly: If your sole income is a salary not exceeding Rs. 600,000 per month, you are not required to file a tax return. Employers file annual statements reflecting the tax deducted from employees’ salaries, which serves as a return of income on their behalf.
Income Subject to Final or Fixed Tax: Individuals whose entire income falls under the scope of final or fixed tax regimes, as per a separate declaration, are exempt from filing returns.
Widows, Orphans, and Disabled Individuals: If you belong to one of these categories and own property exceeding 250 square yards within municipal limits, cantonment boards, or Islamabad Capital Territory, you are not obligated to file a return of income.
Non-Residents with Immovable Property: Non-resident individuals who own immovable property in Pakistan are also exempt from filing an income tax return.
These exemptions are provided to streamline the tax process and accommodate specific financial and social circumstances.
Who is Required to Submit the Statement of Final/Fixed Tax?
Anyone deriving income subject to a separate charge, income subject to final tax, or a separate block of income [Please refer to our brochure Income subject to Separate Charge, Final Tax, and Fixed Tax Regimes of Income Tax.
Anyone to whom the Commissioner has served a notice for furnishing of the statement of final/fixed tax but has not done so, to whom the Commissioner believes the statement of final/fixed tax should have been provided.
Who is Required to File a Return of Income?
Who Should File an Income Tax Return in Pakistan?
Filing an income tax return is a legal obligation for many individuals and entities in Pakistan, as outlined by the Income Tax Ordinance, 2001. Below are the categories of taxpayers who are required to file their income tax returns:
1. Individuals with Taxable Income
- Any individual whose taxable income for a tax year exceeds the maximum amount exempted from tax.
- Those charged to tax in any of the two preceding tax years.
- Individuals engaged in business with an income exceeding Rs. 400,000 annually, even if it falls below the taxable threshold.
2. Property Owners
- Owners of land measuring 250 square yards or more within municipal limits, cantonment boards, or the Islamabad Capital Territory (ICT).
- Owners of land measuring 500 square yards or more within a rating area.
- Flat owners with a covered area of 2,000 square feet or more in rating areas.
- Apartment owners located within municipal limits, cantonment boards, or ICT.
3. Vehicle Owners
- Possessors of a motor vehicle with an engine capacity of 1,000 cc or more.
4. Companies and Associations
- Every company, regardless of profit or loss, must file a return.
- Associations of persons (AOPs) meeting the taxable income criteria or claiming carry-forward losses.
- Non-profit organizations (NPOs), welfare institutions, and entities approved under Clause (58) of Part I of the Second Schedule of the Income Tax Ordinance, irrespective of their financial conditions.
- Chambers of commerce, trade or business associations, and market committees.
5. Electricity and Commercial Consumers
- Individuals or entities holding an industrial or commercial electricity connection with an annual bill exceeding Rs. 1,000,000.
6. Holders of National Tax Numbers (NTN)
- Any person or entity issued an NTN is required to file a tax return.
7. Foreign Associations
- Any foreign association, incorporated or not, declared as a company for tax purposes by the Board through a general or special order.
8. Individuals Seeking Refunds
- Taxpayers wishing to claim a refund for taxes deducted or collected at the source (excluding income tax).
9. Tax Notices
- Anyone served with a notice by the Commissioner to file a return of income must comply, irrespective of their tax liability.
Why File an Income Tax Return?
Even if you don’t fall into the above categories, filing a return is beneficial for reclaiming overpaid taxes, ensuring legal compliance, and gaining a place on the Active Taxpayer List (ATL). Being a filer also provides benefits such as reduced withholding tax rates on banking transactions, property dealings, and vehicle registration.
Filing your income tax return is not just a statutory duty but also a step toward financial transparency and national progress. For assistance with filing your tax return, consult our expert tax lawyers and consultants for a seamless and stress-free experience.
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