FBR Income Tax Return Filing in Karachi By No.1 Tax Lawyers in Karachi | Become a Tax Filer Today!
FBR Income Tax Return Filing in Karachi By No.1 Tax Lawyers
Our senior tax lawyers offer urgent FBR Income Tax Return Filing Services in Karachi. Income Tax Return filing is mandatory for all individuals, businesses, and associations of persons who file income tax returns in Pakistan. The last date for filing tax returns is September 30, 2024. You can pay income tax if you earned more than Rs. 500,000 in the previous financial year. Who is required to file an income tax return in Pakistan?
Businesses and companies (Partnership firms, AOPs/BoPs, corporate entities) not resident of Pakistan, who have a place of business or asset located within the country, including non-profit organizations, have a requirement to file their income tax returns.
How much is the penalty for late filing of Income Tax Returns?
The penalty for late filing of income tax returns ranges from Rs. 1,000 to Rs. 40,000, depending on when you file your tax return during the year.
FBR Income Tax Return Filing lawyers in Karachi, FBR Income Tax Return Filing Service in Islamabad-Rawalpindi
FBR Income Tax Return Filing services in Karachi, FBR Income Tax Return Filing lawyers in Islamabad-Rawalpindi
Last Date for Filing of Income Tax Returns in Pakistan is 30th September
Income tax return filing in Pakistan is it is mandatory. Filing an income tax return means that the government will collect the taxes due on your income, and you’ll have to pay a penalty if you fail to file one on time.
The last date for filing of income tax returns in Pakistan every fiscal year (FY) is 30th September. If you want to submit your ITR after this date, then make sure that your audit report has been completed by 15th September so that it can be attached with your ITR when submitting it offline or electronically with any authorized person or institution.
Income Tax Return for Tax Year 2024 (The fiscal Year 2023-2024)
New Income Tax Return Forms for Tax Year 2024 (The fiscal Year 2023-2024) have also been issued by FBR. 30th September 2020 is the deadline for the income tax return filing. So, hurry up… arrange your bank statements, and tax deduction certificates and visit our office or to your lawyer’s chambers so that your income tax return would be filed within the due time or before.
File your Income Tax Returns for the year 2024
Income Tax Return Filing | How to become a Tax Filer?
You can file your taxes through the FBR website if you have some knowledge of Tax laws and you have updated yourself with the SROs.
The online filing process is very easy and convenient. You can also save time and money by filing your income tax returns online through the e-filing website at fbr.gov.pk. It saves you time by eliminating the need to fill out forms, reducing errors in data entry and ensuring compliance with tax laws
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 31st July every year before 15th August with effect from this year 2019-20 until 2023-24. However, if anyone fails to submit their ITR within this time frame, they will have to pay an amount equal to 5% interest on the total payable amount along with a late payment fee each month till the submission of filed return.
Income Tax Return Filing Process
Filing taxes is a legal obligation that must be fulfilled by everyone residing in Pakistan. Filing your income tax return will ensure that you are abiding by the law and paying your fair share of taxes, which will go towards funding social services, schools and hospitals.
You can file your income tax returns online through the Federal Board of Revenue’s (FBR) website: https://www.fbr.gov.pk/electronic_filing/. The website provides step-by-step instructions for how to complete each section of the form, as well as guidance on where to find details about your earnings and expenses if needed. You can also contact their helpline for support with completing your return forms online.
Download Forms For Income Tax Return Filing
When you are ready to file your income tax return, there are plenty of forms available on the FBR website. You can download these forms in PDF format or MS Word format. If you have a printer at home and want to take advantage of the convenience of printing out the form, you may do so by saving it to your computer first.
Prerequisites for Online Tax Return Filing
Before you file your taxes online, make sure you have the following:
- A CNIC (National ID card), which is available online or at any National Database and Registration Authority (NADRA) branch.
- A bank account to deposit tax payments into. Banks usually charge a fee for setting up an account, but they’re often waived if you have any other type of account with them (like a debit card). If you don’t have a bank account yet, it may be easier to start with an online payment service such as Paypal instead. You can always use this later if necessary.
- A computer or mobile device with internet access so you can access government websites to complete your taxes electronically.
- An internet connection so that all documents can be uploaded and sent electronically via email once completed by the filer – this includes scanned copies of certificates/documents required for filing e-taxes such as CNICs etcetera
Online Income Tax Filing in Pakistan
FBR’s e-filing system is the most convenient and user-friendly method to file your income tax return. Though it is a bit complex, and it is very difficult.
Being a taxpayer, you can file your tax return from anywhere, anytime and from any device.
You don’t need to visit the FBR office for this purpose as we provide an online platform for filing IT Returns at any location and time. You can easily submit your form through this platform so that it gets processed immediately by our team of professionals who’ll take care of it until submission was confirmed by us.
Furthermore, 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 mistakes which might lead to rejection later on after submission process ends successfully without any problem whatsoever!
You can file your taxes through the FBR website.
You can file your taxes through the FBR website. You can also file your taxes online for free through the FBR website.
You can file your taxes through the FBR website and submit them securely, or you can get help from a professional tax preparer to file your taxes for you if you choose to do so. It’s up to you!
Income Tax Filing is a legal obligation
This is a very important aspect of our society. Filing taxes is not only a legal obligation but also a civic responsibility. It helps the government collect funds for development projects, improve infrastructure and provide essential services to its citizens. Therefore, every citizen must file their returns online with the FBR to make sure that they do not miss out on any benefits due to them by law as well as help in improving Pakistan’s economy overall!
The salaried class income tax return forms are as follows:
The salaried persons must file a declaration of income on form no. IT-2, while those who do not have any business/profession but have another source of income need to file form no. IT-4. It is important to note that only one form can be filed per year by each taxpayer, and the same has to be submitted for all sources of income, whether earned through employment or otherwise (e.g., interest from bank accounts). The salaried class must complete the declaration with supporting documents such as salary slips, TIN certificates, etc.
IT-2S is meant for Salaried Persons, while IT-4S is meant for Non-Salary Persons (Non-business owners).
1. For salaried persons (IT-2)
For salaried persons, there are four ways to file your income tax return:
- By e-filing using the FBR portal;
- By post;
- By visiting a tax office and submitting your IT-2 form in person if you choose not to e-file or use the postal service (this is recommended only if you do not have access to the internet);
- Visit our tax office with a tax consultant’s help (this option only applies to salaried people who need assistance with their IT-2 forms).
2. For Pensioners (IT-2P)
Pensioners (IT-2P) are required to file income tax returns. If you received income from salary or pension during the year, you must fill out the IT-2P form.
If your total taxable income is less than Rs 500,000, you can submit this form instead of a detailed return. In other words, it’s a simplified version of Form-IT2 and can be an alternative for people who don’t want to submit their detailed tax returns but still need to pay taxes on their pensions and salaries during the year.
For Business Income Tax Return, the Following Form has been issued by FBR:
For business income tax return, the following form has been issued by FBR:
IT-4S
The due date of filing Income Tax Returns is September 30 if a person is filing with audit report. However, the final date of filing returns is December 20 if there is no audit report/no audit requirement.
Who is required to file an Income Tax Return?The following categories of individuals are required to file an income tax return:
Income Tax Return for Superannuation Funds (Form No. IT-34) — for all funds that have been established under any law or trust deed/trust agreement; these include pension funds and provident funds.
1. IT-4S The due date of filing Income Tax Returns is September 30 if a person is filing with audit report. However, the final date of filing returns is December 20 if there is no audit report/no audit requirement. Who is required to file an Income Tax Return?
If you are an individual and your income during the year is equal to or more than Rs.300,000/- then you are required to file returns.
If you are a resident of Pakistan (and not a non-resident), and during the previous year were:
- an individual; or
- a partner in an association firm; or
- a trustee of any trust/estate; or
- an officer/employee of any local authority working in Pakistan;
You must file your return by 15th August irrespective of whether you wish to claim deductions under section 9 from your total income on account of donations made by him/her or himself/herself on behalf of his/her spouse, children below 18 years old etc., during the previous year (before 31st March).
Federal Board of Revenue (FBR) is a government board which is responsible for collecting taxes from the citizens of Pakistan. It is also the authority that decides what the income tax rate should be.
Income Tax Return Filing Process
The income tax return filing process begins when you get paid for your work. You will be issued a WHT certificate by your employer which includes details about your earnings. You can then use this information to report your income and pay taxes to the FBR. The tax rates are determined by the income bracket you fall into. For example, if you earn more than Rs.400,000 annually, then your income tax rate will be 5%. Tax slab enhances if the income increases.
You need to file your income tax return every year by 30th September. If you don’t file by this date then you will be charged late fees which can add up quickly! You can file an extension. If you are required to pay taxes but do not do so, it is considered tax evasion and could result in prosecution by authorities!
If you have any questions about filing your taxes or need help with any aspect of the process, then we are here for you! Our team, at Taxocrate, can assist with any questions or concerns that arise during this process, so please don’t hesitate to contact us at any time!
Income Tax Return Filing and FBR
The Federal Board of Revenue is responsible for collecting taxes in Pakistan. They also administer income tax laws and regulations, like the Income Tax Ordinance, 2001.
Income tax returns must be filed every year by individuals who earn an annual income of more than Rs. 400,000 or whose total taxable income exceeds Rs. 600,000 (for married women). In addition, income tax returns are required by any individual who has undergone a change in status, such as getting married or divorced; becoming a resident of Pakistan; or changing their residence from one part of the country to another.
You may file your income tax return electronically if you have an account with one of the following banks: Bank Alfalah Limited, Bank Al Habib Limited,….
Income tax return filing in Pakistan is the act of filing taxes to the Federal Board of Revenue (FBR). The FBR is the governmental body responsible for managing and collecting taxes from citizens and businesses. The income tax return filing process begins when you get paid for your work. You will be issued a WHT certificate by your employer which includes details about your earnings. You can then use this information to report your income and pay taxes to the FBR.
You will need to file an income tax return if you earned more than Rs50,000 in a fiscal year (1 July – 30 June) or if you earned less than Rs50,000 but had additional income streams (such as rental income or capital gains). You will also need to file an income tax return if you have any deductions or rebates that reduce your taxable income below Rs50,000 per year.
If you are required to pay taxes but do not do so, it is considered tax evasion and could result in prosecution by authorities!
Income Tax Return Filing is an Annual Process
Income Tax Return Filing in Pakistan
Income tax return filing is an annual process that all citizens of Pakistan have to go through. The Federal Board of Revenue (FBR) collects income tax from all citizens based on their income and other sources of earnings, such as dividends and interest. Income tax returns are filed every year by the end of March, and you can file your income tax return online on the FBR website.
If you are filing your first income tax return, then you will have to fill out Form DSD-04. This form includes details about your name, address, age, occupation and marital status. You will also need to provide information about any other sources of income that you may have earned during the year. If you have any questions about how much tax will be deducted from your paychecks or how m
Who has to Submit FBR Income Tax Return?
Generally, a person who is earning more than Rs. 400,000 per annum or has a taxable income is required to file an income tax return. There are certain categories of persons who are exempted from filing ITR for example, a person whose only source of income is salary/pension and agricultural income. Conclusion
Income Tax Return Filing in Pakistan is essential to add strength to the economy and curb corruption in the country. This will help you to avoid heavy penalties imposed on late filing of ITR with FBR. We advise you not only to file your Income Tax Return but also keep copies of all documents that have been attached along with your return form as proofs because in future you may receive notices from FBR regarding those documents. Above all, it’s always better to hire professional tax advisors or accountants because they have better knowledge about the procedure of Income Tax Return Filing in Pakistan and can help you to avoid errors while filing tax returns with FBR.
Contact Us
Popular Service
Provincial Tax Authorities
Misc. Services
Recent Article
-
Company Registration | Company Registration in Karachi, Islamabad/Rawalpindi & Lahore, Pakistan
-
Income Tax and Sales Tax Return Filing Services| Our Expert Corporate Lawyers In Karachi
-
Corporate Lawyers’ Need at Business Hub, Karachi
-
Additional Sales Tax Imposed
-
Comprehensive Guide to NTN (National Tax Number) Registration in Pakistan
-
Income Tax Return Filing in Karachi By Top Tax Lawyers of Pakistan
-
Trademark Registration in Karachi Safeguarding Your Business Identity
-
Taxation Trust Tax Lawyers Consultants
-
Mahr The Dower Money a Symbol of Commitment and Financial Responsibility
-
Calculating Income Tax As Per Income Tax Ordinance 2001
Disclaimer: All information is provided on this portal solely for informational purposes. This portal is not affiliated with the Government website. Please note that this disclaimer also applies to our website, and we may refer to it as ‘us’, ‘we’, ‘our’ or ‘website’. The information on the website has been gathered from various government and non-government sources. We disclaim any liability for errors, injuries, losses, or damages arising from the use of this information. We also disclaim any liability for the availability and authenticity of this information. Our services consist of filling out forms, providing legal advice, and assisting our clients. The departmental processing of the registration forms is not our responsibility. You will have to use a service fee for professionally preparing your application, submitting it to the relevant authorities, and coordinating your application process. You will have to pay any Government fees.