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E-Filling of Income Tax Annual Returns & Wealth Statements

E-Filing of Income Tax Annual Returns & Wealth Statements

A company or an individual has to file a tax return with the tax authorities for the current Fiscal Year (from 1st July to 30th June). With each return of income, every resident taxpayer must submit a wealth statement (in the prescribed format). There is a five-year period during which a taxpayer may revise a wealth statement. If you earn PKR 500,000 or more, you are required to file a tax return online. Now, an individual or a company can file their Income Tax Annual and Monthly Returns electronically using the ePortal of the Federal Board of Revenue (FBR) website. All you need is a laptop or a phone with an internet connection.

E-Filling of Income Tax Annual Returns & Wealth Statements

Procedure of E-Filing of Income Tax Annual and Monthly Returns:

Now you can file your income tax returns (monthly or annually) online and declare your wealth statements whether you are a salaried person or own a company. The procedure of E-Filing of Income Tax Annual and Monthly Returns is explained step by step in this article. 

  • First, you have to log in to the FBR’s IRIS ePortal 
  • Click ‘drafts’ in the left-side menu bar then click declaration
  • Click your form in the center, your form will be opened
  • Then click on ‘Wealth Statements’ in the left-side menu bar
  • If you’re filing for the first time, click on net statements
  • Fill in with your salary against the box of ‘Income Declared as per Return for the Year Subject to Normal Tax’
  • Then fill in your income exempt against the box
  • State your amounts or property you gifted to anyone.
  • Mention your loans against its box
  • Next is the ‘other’ box which requires the details of your house, plot, car, prize bonds & saving certificates, etc.
  • Mention your closing bank balance (till 30th June)
  • Fill in the ‘utilities’ box with your expense of the year (electricity bills, gas bills, & other bills)
  • Fill in your total household expense in the ‘household box’
  • If you have traveled to foreign, you must fill the expenses of foreign travel
  • State the expense of the education of your children
  • In the ‘other’ box, mention your rent, medical expense & Zakat, etc.
  • Then mention your net assets for the current year (1st July – 30th June)
  • Also, mention your net assets for the previous year  (1st July – 30th June)
  • Then click on ‘calculate’ button on the top-right

There must be a 0 (zero) in ‘unreconciled amount’ box, if it’s not zero, it means you are missing to state any expense and the returns will not be filed.

Confirm all the returns again, for they cannot be changed once submitted. If the unreconciled amount is zero, then click on the ‘verification’ tab in the top left menu bar. Now enter the 4 digits pin code you got at the time of registration for FBR’s portal. Then click ‘verify’. In the last, click the ‘verification’ button in the top left menu bar. Following this procedure, your returns will be filed.

Finding it difficult? TAXOCRATE can help!

Let TAXOCRATE help you in filing your Income Tax Annual Returns & Income Tax Monthly Returns. Not only that, we provide the services of Company Registration, Registration of Firm, Trademark Registration, Proprietorship Registration, Partnership Registration, and all the corporate-related matters. We also provide the service of FREE NTN Registration. If you have any questions regarding the above-mentioned matters, please comment in the comments box or mail us at [email protected]. We are one call away from you, call us at 0331-6644789 or 0309-8880855  for the expert free consultation.

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