Taxocrate.com

How to Become a Tax Filer?

How to Become a Tax Filer?

How to Become a Tax Filer?

First and foremost, the Federal Board of Revenue  (FBR) is the government’s tax agency. Also the Federal Board of Revenue (FBR) is the central tax regulatory and collecting agency. A number of different kinds of taxes are handled by the Federal Board of Revenue (FBR), such as Income Tax, Sales Tax, Custom Duty, and Federal Excise Duty.

A number of different kinds of taxes are handled by the Federal Board of Revenue (FBR), such as Income Tax, Sales Tax, Custom Duty, and Federal Excise Duty.

An individual generating taxable income in Pakistan is subject to income tax as a direct tax. It is mandatory for every eligible person to file an income tax declaration in the prescribed manner with the tax authorities.

Each year, the Income Tax Return form is updated to cover all classes of individuals generating income in Pakistan, and all kinds of income. According to a person’s source of income, Income Tax Returns must be filed with the Federal Board of Revenue (FBR) on the IRIS portal every year.

A tax return is a form filed with the tax authority which discloses a person’s income, expenses, and taxes already paid. An individual’s tax return reports income, expenses, and other pertinent tax information in order to calculate his tax liability for the year. 

Tax returns allow taxpayers to calculate their tax liability payable or, if excessive tax has been paid in the form of advance income tax, request a refund. 

Whether you are a salaried individual, business owner, or business (Firm or Company) in Pakistan, filing an income tax return is a requirement.

How to Become a Tax Filer?

Whether you are a salaried individual, business owner, or business (Firm or Company) in Pakistan, filing an income tax return is a requirement.

 It states your income, expenses, and yield on shares and dividends, among other things.

Taxpayers who are required to file Income Tax Returns are obligated to file them annually and pay the taxes due. 

The Federal Board of Revenue (FBR) may impose a penalty for late filing of Income Tax Return if the return is not filed within the deadline or fail to file your return despite paying advance taxes and having not declared your income by filing the Income Tax Return. 

Follow the process detailed above to become a Tax Filer in Pakistan by filing your Income Tax return..

How to file income returns online?

In the past, income tax returns were manually filed on prescribed forms. The Federal Board of Revenue (FBR), however, has switched in the recent past from manual to online filing of returns. Income Tax Returns are now filed online via  IRIS portal.

Using the IRIS portal, income tax returns can be filled conveniently with the Federal Board of Revenue (FBR).

Using the IRIS portal, income tax returns can be filled conveniently with the Federal Board of Revenue (FBR).

During the tax season, a person declares their income, details their expenses, and determines whether their assets increased or decreased. 

Pakistani Income Tax Return deadlines are usually 30th September for the previous year, but the Federal Board of Revenue (FBR) can extend them.

Online registration is available

Registration with the Federal Board of Revenue (FBR) is the first step for anyone who needs to file an income tax return. Registration with the Federal Board of Revenue (FBR) can be done by filling out a user registration form or by registering online via “E-enrollment for Unregistered Persons”.

You can verify your particulars on the “E-enrollment for Registered Person” on the IRIS portal if you do not have your  IRIS portal credentials.You can verify your particulars on the “E-enrollment for Registered Person” on the  IRIS portal if you do not have your IRIS credentials.

By logging into the IRIS portal, you can file your Income Tax Return online. Log in to  IRIS portal after registering and file your tax return.

By logging into the  IRIS portal, you can file your Income Tax Return online. Log in to Iris after registering and file your tax return.

 

Tax filing tips

In the absence of a complete return, the same is considered invalid. The income statement and wealth statement must be filled out completely to complete an Income Tax Return. You must then reconcile the amounts after the detailed information is provided. Therefore, you must specify how much income was spent on expenses and how much was spent on new assets.

Federal Board of Revenue (FBR) offers step-by-step guides on how to file Income Tax Return and Wealth Statement through its Knowledge Base Portal for taxpayers’ convenience. 

Federal Board of Revenue (FBR) offers step-by-step guides on how to file Income Tax Return and Wealth Statement through its Knowledge Base Portal for taxpayers' convenience.

To submit the Income Tax Return, you must enter your PIN and enter your digital signature.

Assets and liabilities are detailed in the Wealth Statement. Changing the wealth statement in the IRIS portal does not require commissioner approval. 

Unless the commissioner approves the revised wealth statement, a revised return is invalid and unacceptable where a person has received notice under Section 122 of 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.

Leave a Comment

Your email address will not be published. Required fields are marked *