FBR Income Tax Return Filing in Karachi

FBR Income tax return filing in Karachi is being started in our office located at M-51 & M-52, Mezzanine Floor, Muneer Mobile Mall. Near Jauhar Chowrangi, Block 17, Gulistan-e-Jauhar.

Are you looking for a tax lawyer to file your FBR Income Tax Return for 2022?

In addition to filing your income tax return, we also give you advice on how to reduce your tax burden and make your business more profitable.

We summarize this section into Five Parts:

-> Salaried

-> Individual

-> Corporation

-> Non-Profit Organization

-> Association

The process begins with analyzing the books of accounts, preparing the Income Statement, amending it and finalizing it. Once the Income Statement is completed, we discuss it with our clients and upon their approval, we file the Schedule.

Please contact us if you have any questions or would like to file your Income Tax Return.

Is there a penalty for not filing a 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 a Return of Income?

The following are exceptions (you do not need to file a return of income):

Obtaining income exclusively from salary up to Rs. 600,000 per month. (The employer shows how much income tax is deducted from the employee’s salary in the annual statement filed by the employer; this is treated as a return of income on the employee’s behalf).

According to a separate statement, the entire income is subject to final tax or fixed tax.

Those who are widows, orphans, or disabled people, and own more than 250 square yards of land within municipal limits*, cantonment boards, or the Islamabad Capital Territory are eligible.

A non-resident with immovable property.

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?

Regardless of the company’s condition;

Any association of individuals or groups meeting the conditions listed below:

If taxable income for a tax year exceeds the maximum amount that isn’t taxed, it becomes taxable.

Charged to tax in any of the two preceding tax years.

The company claims a loss that can be carried forward and is offset against income in the following year(s).

A, 250 square yards of land or more located in a municipality, a cantonment board, or the Islamabad Capital Territory;

With a land area of 500 square yards or more located within the rating area; or

Apartments located within municipal limits, cantonment boards, or the Islamabad Capital Territory; or

A flat with a covered area of 2,000 square feet in rating areas.

Possesses a motor vehicle with an engine capacity of at least 1,000 cc or more;

Each and every company, NPO, and welfare institution.

A chamber of commerce, a trade or business association, or a market committee.

Have been issued a National Tax Identification Numbers; or

Those who possess an electricity connection for commercial or industrial purposes, whose annual bill exceeds Rs. 1,000,000.

The Board has declared any foreign association, whether incorporated or not, to be a company for the purposes of this Ordinance, by general or special order.

Regardless of their conditions, non-profit organizations;

Any welfare institution approved under “Clause (58) of Part I of the Second Schedule to the Income Tax Ordinance, 2001”, irrespective of any conditions.

An individual business, whose income exceeds Rs. 400,000 but does not exceed the maximum amount that is not chargeable to tax.

Anyone who has failed to file a return of income [for any of the aforementioned reasons] but to whom a notice for doing so has been served by the Commissioner.

However, even if none of the above applies, you will still need to file a tax return if you wish to get your money back to cover the taxes deducted or collected at the source (except for income tax).

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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.

FBR Income Tax Return Filing in Karachi