Who Should File Income Tax Return
WHO IS REQUIRED TO FILE INCOME TAX RETURN IN PAKISTAN 2021?
According to the Income Tax Ordinance 2001, income tax is applicable to the annual income of individuals and companies. This income could be earned from any sources including salary, earnings from the business, property or any bank profits or savings. Hence, the residents and companies are liable to pay the taxes and file the annual income tax return 2021. The Government of Pakistan keeps updating the taxation system and making necessary amendments in the tax policies to make the taxation process structured and convenient for the public. The government tax regulation body, the Federal Board of Revenue (FBR) is taking strict measures to ensure that the public pays income tax and files an annual income tax return 2021 in Pakistan. In order to encourage the taxpayers, the government provides lucrative incentives to the income tax filers in Pakistan.
Read more about the benefits of filing income tax returns in Pakistan.
Once you become an income tax filer, your name will be added in FBR Active Taxpayer List (ATL) which is updated on a regular basis by FBR. Make sure you already have NTN registration number before filing an income tax return for 2021. In case you do not have an NTN number, call us now at 0331-6644789 and get NTN registration FREE of cost.
We have outlined below the list of individuals and companies who are required to file an income tax return for 2021. But before getting to the list, we would like to inform you that the last of income tax return is October 31, 2021. You can contact us today for a FREE consultation regarding the tax filing before it’s too late.
WHO SHOULD FILE INCOME TAX RETURN IN PAKISTAN 2021?
• Pakistani residents who are the registered taxpayers
• All those businessmen whose yearly income exceeds Rs.300,000
• All those salaried persons whose annual salary exceeds Rs.400,000
• All those people who have paid tax for the last two years
• All those companies whose tax period ends from July 1 to August 31
• Citizens who own 1000 cc car or above
• All those who have commercial/industrial electricity connection if their annual bill exceeds Rs.500,000
• The non-profit organizations
• All those persons who own property having an area of 250 Sq. Yard or above in the cantonment municipal or Islamabad Capital Territory
• Those resident persons whose foreign annual income exceeds $10,000
• Moreover, those resident persons whose foreign property value exceeds $100,000
• Organizations which are registered with the Chamber of Commerce and Industry
• All those persons who own a property having an area of 500 Sq. Yards or above in the area other than cantonment or Islamabad Capital Territory
• All the NTN holders who get annual notices of income tax return filing
Click here for information about the documents required to file an income tax return
Taxocrate has a team of experienced income tax consultants in Karachi and income tax lawyers in Islamabad who are available for you with their expert guidance. In case, you have any confusion or query regarding the income tax filing or you just want to be sure if you should file an FBR tax return 2021, please give us a call. Our consultation is absolutely FREE of charge. Just make sure that you remember the income tax return last date of 2021 is 31st October 2021
Call Us Now at 0331-6644789 for a FREE consultation regarding filing income tax return 2021. Our proficient tax advisors in Karachi and Tax consultants in Islamabad are always ready to assist you with the best service.
Provincial Tax Authorities
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