The online income tax return filing process through the IRIS FBR e-filing system is specifically designed to offer a user-friendly and efficient experience. This platform allows you to file tax returns quickly and easily, saving you both time and money. By utilizing the FBR IRIS system, you eliminate the need for cumbersome paperwork, reduce the likelihood of data entry errors, and ensure that your income tax filing is in full compliance with current tax regulations. This not only speeds up the filing process but also gives you the ability to monitor the status of your tax return, making the entire procedure smooth and hassle-free.

Expert Tax Attorneys: Simplifying Income Tax Return Filing for Individuals and Businesses

For both individuals and businesses, the IRIS FBR portal provides an effective way to manage tax obligations with ease. However, if you’re unfamiliar with the complexities of tax law or feel unsure about filing your income tax returns, consulting experienced income tax lawyers can be invaluable. These tax attorneys can offer expert guidance, ensuring that your tax return filing is accurate, timely, and fully compliant with the ever-evolving landscape of tax laws. Whether you need assistance with navigating the system or ensuring full adherence to legal requirements, taxation lawyers can help simplify the process and protect you from potential penalties.

Income Tax Return Filing Knowledge

What is the purpose of filing income tax returns?

The government requires you to file your income tax returns every year so that they can collect taxes from you. These taxes are used for various purposes such as building schools, hospitals, and other infrastructure in Pakistan.

What is the Due Date for Filing Income Tax Returns?

As per FBR rules (Federal Board of Revenue), all individuals are required to file their income tax returns by 30th September, every year. However, if an individual fails to file their income tax return as mandated by Section 114 within the specified deadline, they will incur a penalty of 0.1% of the total tax owed for each day the income tax return filing is delayed. This penalty can accumulate up to a maximum of 50% of the total tax payable for the relevant year. In cases where the calculated penalty is less than forty thousand rupees or if no tax is owed, the individual will still be required to pay a minimum fine of forty thousand rupees.

However, if 75% of the individual’s income is derived from a salaried position and the total salary does not exceed five million rupees, the minimum penalty is reduced to five thousand rupees. This provision ensures that salaried individuals are not unduly burdened when filing their income tax returns.

Income Tax Return Filing Process

1. Introduction to Online Income Tax Return Filing

To file your income tax return online, simply log into the IRIS portal, the official platform for income tax return filing. If you’re a first-time filer, you will need to complete a registration process before being able to file your income tax return.

2. Accessing the IRIS Portal

Once registered, you can easily log into IRIS and proceed with your income tax filing. For individuals who already have a National Tax Number (NTN) or registration number but lack IRIS login credentials, you can gain access by selecting the ‘E-enrollment for Registered Person’ option. This streamlined process ensures that your tax return is filed quickly and efficiently.

3. Consulting Income Tax Lawyers

If you’re unsure or need assistance, consider consulting with income tax lawyers who can guide you through the system and ensure full compliance with taxation laws.

4. Logging into IRIS

To access the IRIS portal for income tax return filing, you need your NTN or Registration Number along with your password, which is provided during e-enrollment with the Federal Board of Revenue (FBR). Simply enter your NTN or Registration Number and password to log into IRIS and begin the tax return filing process.

5. Resetting Your Password

If you forget your password, click on ‘Forgot Password’ on the IRIS login screen and complete the required fields. You will receive security codes via email and mobile, which you must enter to proceed. A new window will open, allowing you to reset your password and regain access to your account.

6. Changing Your Password

To change your password, log into IRIS and select ‘Change Password’ at the top right of the screen. Enter the necessary details in the provided dialog box, and your password will be updated.

7. Completing Your Income Tax Return

To complete your income tax return filing online, you must fill out both the Return of Income form and the Wealth Statement, which details your assets and liabilities. To assist taxpayers, we offer video tutorials on the income tax return process. Additionally, the Knowledge Base portal provides step-by-step written and video guides to help you navigate the filing of your income tax return and Wealth Statement.

8. Confirming Successful Submission

You will know that your submission is successful when both forms move from the Draft folder to the Completed Task section in IRIS.

9. Reconciliation of the Wealth Statement

Your Wealth Statement can only be submitted successfully if the change in your current year’s wealth aligns with the change in your income after accounting for your expenses. If the Wealth Statement is not reconciled properly, you will be unable to submit your income tax return.

10. Income Tax Return for Salaried Individuals

To assist salaried individuals with their income tax returns, Declaration Form 114(I) is available. Those whose income primarily comes from salary and where salary constitutes more than 50% of their total income must complete this form for a successful submission.

11. Changing Your PIN for IRIS

To change your PIN, log into IRIS and click on ‘Change PIN’ at the top of the screen. Enter the necessary information in the dialog box that appears.

12. Revising Your Income Tax Return

You can revise your income tax return within five years of its initial submission to correct any omissions or inaccuracies identified later. To initiate a revision of your income tax return filing, you must submit an application for revision through the IRIS portal. Once your application is approved, you can proceed to file the revised income tax return.

13. Revising Your Wealth Statement

You can also revise your Wealth Statement through IRIS before receiving a notice under sub-section (9) of section 122 of the Income Tax Ordinance, 2001. This revision can be made without the need for prior approval.

14. Filing Income Tax Returns After the Deadline

If you need to file your income tax return online after the due date, you must still follow the established procedures for completing your income tax filing.

15. Record Keeping for Income Tax Returns

Individuals with taxable income are required to maintain records related to their income tax returns for a minimum of six years.

16. Penalties for Failing to File Your Income Tax Return

Failing to file your income tax return despite having taxable income can result in penalties and legal action under the Income Tax Ordinance 2001. To avoid these consequences, it’s advisable to consult with experienced income tax lawyers who can assist you in navigating the complexities of tax compliance and ensure your obligations are met.