Income Tax Return:
Tax Slabs for Salaried Individuals & Businesses

Expert Income Tax Return Filing Services in Karachi and Islamabad for Timely Compliance and Filer Benefits

Income Tax Return: No. 1 Income Tax Returns Filing Lawyers in Karachi and Islamabad, Pakistan. Efile FBR Income Tax Annual Returns in time and become a Filer & get the benefits of being an income tax filer and avoid becoming an income tax non-filer. The last date for filing an income tax return is 30th September of the subsequent year.

Filing your income tax return on time ensures compliance with the law and protects you from penalties and surcharges. As a filer, you enjoy reduced withholding tax rates on banking transactions, property purchases, and vehicle registrations. Additionally, being a filer improves your credibility for loans, government contracts, and business deals. Don’t wait until the last minute—consult our experienced income tax lawyers in Karachi, Lahore, Islamabad or Rawalpindi today to ensure a smooth and hassle-free filing process. Your financial peace of mind starts with timely income tax return filing!

The Consequences of Late Filing of Income Tax Returns in Pakistan

Filing your income tax return is a legal obligation in Pakistan, and missing the deadline can lead to significant penalties under the Income Tax Ordinance, 2001. From monetary fines to legal repercussions, the Federal Board of Revenue (FBR) has put strict measures in place to ensure timely compliance. Here’s what you need to know about the penalties and consequences of filing your income tax returns late.

Consequences of Late Income Tax Return Filing in Pakistan

Filing your income tax return on time is not just a legal obligation in Pakistan—it is a critical part of staying compliant with the country’s tax laws. Delaying your income tax return filing can lead to a range of penalties and legal complications under the Income Tax Ordinance, 2001, enforced by the Federal Board of Revenue (FBR). The government has implemented strict measures to ensure taxpayers meet their obligations promptly. Below is a detailed overview of the consequences of late income tax return filing and why it’s essential to file on time.

Why Timely Income Tax Return Filing is Crucial

Income tax return filing is more than a legal requirement—it’s a financial responsibility that impacts your ability to conduct essential transactions and maintain your status as a compliant taxpayer. Filing your income tax return late or not filing at all can cause several issues, including financial penalties, restricted access to government services, and legal complications.

Penalties for Late Income Tax Return Filing

Missing the deadline for income tax return filing in Pakistan comes with significant consequences, as outlined in Section 182A of the Income Tax Ordinance, 2001:

Exclusion from the Active Taxpayers’ List (ATL):
Failing to file your income tax return by the due date results in automatic exclusion from the ATL for that tax year. Being a part of the ATL is crucial for availing benefits such as reduced withholding tax rates on financial transactions and services.
Surcharge for Late Filing:
If you file your income tax return after the deadline, you can be reinstated in the ATL by paying a surcharge:
- Rs. 20,000 for companies.
- Rs. 10,000 for associations of persons (AOPs).
- Rs. 1,000 for individuals.
Daily Penalty:
Late filers are subject to a penalty of 0.1% of the tax payable for every day of delay, with a minimum fine of Rs. 5,000 and a maximum penalty of 25% of the total tax payable.

Financial and Legal Repercussions of Late Filing

Late income tax return filing doesn’t just attract monetary fines; it can also lead to deeper financial and legal troubles:

Higher Withholding Taxes for Non-Filers:
Non-filers are subjected to higher withholding tax rates on everyday transactions, such as banking, property purchases, and vehicle registrations. Filing your income tax return ensures you remain on the ATL and avoid paying inflated taxes.
Default Surcharge:
Late filers are charged a default surcharge at the rate of KIBOR + 3% per quarter on any outstanding tax amount. This adds a financial burden on top of penalties.
Legal Consequences:
Failing to file your income tax return is treated as a legal offense. In severe cases, late filers may face prosecution, which could result in:
- A fine.
- Imprisonment for up to one year.
- Both fines and imprisonment, depending on the circumstances.

How Late Filing Affects Non-Filers and Late Filers

Late income tax return filing has broader consequences, especially for non-filers:

Increased Scrutiny by the FBR:
Non-filers and late filers are more likely to face audits and detailed reviews of their financial records by the FBR. This can lead to additional legal and financial stress.
Restricted Access to Financial Services:
Non-filers are often restricted from availing of key services, such as opening bank accounts, applying for loans, or purchasing property and vehicles. Timely income tax return filing keeps your financial activities hassle-free.
Loss of Business Opportunities:
Businesses that fail to file income tax returns on time may face difficulties in obtaining government contracts, business licenses, and other official permissions.

Filing Income Tax Returns After the Deadline

While filing your income tax return after the deadline does not exempt you from penalties, it is better to file late than not at all. Filing after the due date can help you avoid further legal complications and reinstate your name on the ATL by paying the applicable surcharge.

To file your income tax return after the due date:

Gather Required Documents: Ensure you have all necessary documents, including your CNIC, bank statements, and any other relevant financial records.
File Online or Visit the FBR Office: Submit your income tax return via the FBR’s online portal or visit a regional tax office for assistance.

How to Avoid Late Income Tax Return Filing

To prevent penalties and legal issues associated with late filing, follow these tips:

Mark the Deadline: Always note the due date for income tax return filing in Pakistan to ensure you don’t miss it.
Organize Documents Early: Keep all your financial records, such as income statements and tax deduction certificates, organized and ready for filing.
Hire a Professional: Engaging a tax consultant or lawyer can streamline the process and ensure your return is filed accurately and on time.

Late Income Tax Return Filing has Severe Consequences

Late income tax return filing in Pakistan can result in severe financial and legal consequences, including exclusion from the ATL, heavy fines, higher withholding taxes, and even imprisonment. It’s not just about avoiding penalties—it’s about fulfilling your responsibility as a taxpayer and safeguarding your financial interests.

Timely income tax return filing allows you to enjoy reduced taxes, unrestricted access to financial services, and peace of mind knowing you are fully compliant with the law. If you’ve missed the deadline, act quickly to file your return, pay any applicable surcharge, and restore your status as an active taxpayer.

The Income Tax Ordinance, 2001

The tax laws in Pakistan are defined in the Income Tax Ordinance 2001. The Federal Board of Revenue (FBR) is responsible to regulate the taxation system in the country. For documenting tax returns, a person must have NTN registration.

The taxation structure of a country determines the strength of the economy. Under the law, it is the responsibility of Pakistani citizens to declare their assets, document their annual tax returns, and pay due taxes timely. The new tax reforms are announced a while ago, to restructure the taxation system in Pakistan by making it easier, simpler, and convenient to get people under the tax net by encouraging them to document tax returns and pay the due taxes timely.
A common misconception is revolving among people that tax paying is optional. But, actually, tax evasion is a criminal offense and the tax evader may be penalized for the violation of the law.

Income Tax Registration - NTN

The National Tax Number (NTN) is a number issued to every registered person or business in Pakistan under the Income Tax Ordinance, 2001. It is used by the Federal Board of Revenue (FBR) as a tracking number for income tax and other taxes.

It is required that anyone earning above Rs. 400,000 per year will have to register with FBR and get their NTN. Any company that has an annual turnover of more than Rs. 3 million will also have to be registered with FBR and obtain NTN.

Who has to pay Income Tax?

Income Tax Ordinance 2001, implies that every person having any kind of legal income is liable to pay taxes for every tax year, based on the rates declared by the government.

Who are Non-Filers?

Income Tax is a process of tax collection from the income earned by individuals or organizations. Income Tax is the tax collected from all sources, including salaries, interest, rent, and dividends. Also referred to as direct tax collection by the government of Pakistan. Non-filers are those individuals who have not filed their income tax returns for the previous year. These individuals can be penalized because it is an unlawful act on their part that may lead to penalty charges or imprisonment.

Penalty on Non-Filers

Non-filers are subject to penalty charges which will be levied in accordance with section 41 of Pakistan Income Tax Rules 1999 or under section 99A(1)(b) (i) of Income Tax Ordinance 2001 as per the suitability of cases. The penalties imposed on non-filers will directly affect an individual’s well-being because if income tax is not paid then most likely due to some other reason such as an insufficient source of funds then one will also get into trouble and this means that you have no choice but to pay your taxes so that you may avoid such kind of trouble

What is a Tax Year?

The tax year is a twelve months period from 1st July to 30th June and shall be marked by the calendar year.

What is Taxable Income in Pakistan?

In order to determine Taxable Income, Total Income is subtracted from donations that qualify for deductions and certain allowances to be deducted. However, for business, taxable income may vary. Tax is applicable to all the profits earned by an organization.

TAX SLABS FOR SALARIED PERSONS

REVISED TAX SLABS FOR SALARIED PERSONS IN PAKISTAN FOR FISCAL YEAR 2024-2025

The Government of Pakistan has officially announced the updated income tax slabs for salaried individuals for the fiscal year 2024-2025. The changes introduced through the Finance Act 2024 reflect an increased tax burden on the already inflation-hit salaried class, while maintaining six tax slabs.

A key update is the raised tax rate of 5% for individuals earning between Rs. 600,000 and Rs. 1,200,000 annually, significantly impacting middle-income earners.

Revised Tax Rates for 2024-2025

Below is a breakdown of the new tax rates:

Taxable Income	Rate of Tax
Where taxable income does not exceed Rs. 600,000	0%
Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000	5% of the amount exceeding Rs. 600,000
Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,200,000	Rs. 30,000 + 15% of the amount exceeding Rs. 1,200,000
Where taxable income exceeds Rs. 2,200,000 but does not exceed Rs. 3,200,000	Rs. 180,000 + 25% of the amount exceeding Rs. 2,200,000
Where taxable income exceeds Rs. 3,200,000 but does not exceed Rs. 4,100,000	Rs. 430,000 + 30% of the amount exceeding Rs. 3,200,000
Where taxable income exceeds Rs. 4,100,000	Rs. 700,000 + 35% of the amount exceeding Rs. 4,100,000

Comparison with the Previous Tax Year (2023-2024)

To understand the impact of these changes, here’s a comparison of the tax rates from the previous fiscal year:

Taxable Income	Rate of Tax (2023-2024)
Where taxable income does not exceed Rs. 600,000	0%
Where taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,000	2.5% of the amount exceeding Rs. 600,000
Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 2,400,000	Rs. 15,000 + 12.5% of the amount exceeding Rs. 1,200,000
Where taxable income exceeds Rs. 2,400,000 but does not exceed Rs. 3,600,000	Rs. 165,000 + 22.5% of the amount exceeding Rs. 2,400,000
Where taxable income exceeds Rs. 3,600,000 but does not exceed Rs. 6,000,000	Rs. 435,000 + 27.5% of the amount exceeding Rs. 3,600,000
Where taxable income exceeds Rs. 6,000,000	Rs. 1,095,000 + 35% of the amount exceeding Rs. 6,000,000

Impact of the Revised Tax Slabs

The new tax slabs have led to notable increases in tax obligations for higher earners.

High-Income Earners: Individuals earning Rs. 6 million annually (or Rs. 500,000 monthly) will see their tax burden increase by Rs. 22,500, a significant jump.
Mid-High Income Bracket: Similarly, those earning Rs. 12 million annually (or Rs. 1 million monthly) will experience an increase of Rs. 22,000 in their tax liability.

Tax Burden on Middle-Income Earners

While the government has retained the income tax exemption threshold of Rs. 600,000 annually (or Rs. 50,000 per month), the burden on middle-income groups has grown. For example:

An individual earning Rs. 100,000 per month will now pay Rs. 2,500 in taxes, double the previous amount of Rs. 1,250.

Key Observations

The revised tax slabs reflect the government’s strategy to increase tax revenues by targeting higher-earning individuals, while retaining relief for those below the exemption threshold. However, the increase in tax rates for the lower middle class has raised concerns, particularly in the context of rising inflation and economic instability.

For salaried individuals, timely income tax return filing is essential to avoid penalties and surcharges. Proper tax planning can also help mitigate the financial impact of these changes. Consulting professional tax advisors ensures compliance and helps maximize savings under the current tax regime.

REVISED TAX SLABS FOR NON-SALARIED PERSONS AND AOPs IN PAKISTAN FOR FISCAL YEAR 2024-2025

If an individual’s income under the ‘Salary’ head exceeds 75% of its taxable income, the below-mentioned tax rates shall be applied.

Taxable Income and Rate of Tax:

Income up to Rs. 600,000: No tax applicable.
Income exceeding Rs. 600,000 but not exceeding Rs. 1,200,000: 15% of the amount exceeding Rs. 600,000.
Income exceeding Rs. 1,200,000 but not exceeding Rs. 1,600,000: Rs. 90,000 plus 20% of the amount exceeding Rs. 1,200,000.
Income exceeding Rs. 1,600,000 but not exceeding Rs. 3,200,000: Rs. 170,000 plus 30% of the amount exceeding Rs. 1,600,000.
Income exceeding Rs. 3,200,000 but not exceeding Rs. 5,600,000: Rs. 650,000 plus 40% of the amount exceeding Rs. 3,200,000.
Income exceeding Rs. 5,600,000: Rs. 1,610,000 plus 45% of the amount exceeding Rs. 5,600,000.

For professional firms regulated by law, the maximum tax payable is 40% of their income.

Additionally, individuals and AOPs with taxable income exceeding Rs. 10 million under the normal tax regime are subject to an additional tax of 10% on their tax liability. Employers are responsible for withholding this additional tax in the case of salaried individuals.

Dividend Tax (Section 150)

Description	Filer Rate	Non-Filer Rate
Independent Power Purchasers (IPPs)	7.5%	15%
Mutual funds, REITs	15%	30%
Mutual funds, REITs (if deriving 50% or more income from profit on debt)	25%	50%
Companies exempt from tax or carrying forward losses	25%	50%

Profit on Debt (Section 151)

Description	Filer Rate	Non-Filer Rate
Profit on debt received by individuals and AOPs	15%	35%
Profit on debt received by companies	15%	35%

Exports Tax (Sections 154 & 154A)

Description	Filer Rate	Non-Filer Rate
Export of goods	1% + 1%	2%
Export proceeds from IT services/software registered with the Pakistan Software Export Board	0.25%	0.25%
Any other case	1%	1%

Tax on Deemed Income (Section 7E)

Tax applies at 1% on the fair market value of properties exceeding Rs. 25 million, excluding exempted/excluded properties.

Rent of Immovable Property (Section 155)

For Individuals

Gross rent up to Rs. 300,000: No tax.
Gross rent exceeding Rs. 300,000 but not exceeding Rs. 600,000: 5% of the amount exceeding Rs. 300,000.
Gross rent exceeding Rs. 600,000 but not exceeding Rs. 2,000,000: Rs. 15,000 plus 10% of the amount exceeding Rs. 600,000.
Gross rent exceeding Rs. 2,000,000: Rs. 155,000 plus 25% of the amount exceeding Rs. 2,000,000.

For companies, 15% of gross rent is deducted for filers, while non-filers are subject to double the tax.

Prizes and Winnings (Section 156)

Description	Filer Rate	Non-Filer Rate
Prize bonds or cross-word puzzles	15%	30%
Raffle, lottery, quiz, or sales promotion prizes	20%	40%

Sale of Petroleum Products (Section 156A)

Description	Filer Rate	Non-Filer Rate
Sale of petroleum products to petrol pump operators	12%	24%

CAPITAL GAIN ON DISPOSAL OF IMMOVABLE PROPERTY – SECTION 37

Holding Period

If the holding period does not exceed one year, the tax rate will be 15% of the gain.
If the holding period exceeds one year but does not exceed two years, the tax rate will be 12.5%.
If the holding period exceeds two years but does not exceed three years, the tax rate will be 10%.
If the holding period exceeds three years but does not exceed four years, the tax rate will be 7.5%.
If the holding period exceeds four years but does not exceed five years, the tax rate will be 5%.
No tax is applicable if the holding period exceeds five years.

CAPITAL GAIN ON DISPOSAL OF SECURITIES – SECTION 37A

Holding Period and Tax Rates for Filers and Non-Filers

Securities acquired on or after July 1, 2022:
- If the holding period does not exceed one year, the tax rate will be 15%.
- If the holding period exceeds one year but does not exceed two years, the tax rate will be 12.5%.
- If the holding period exceeds two years but does not exceed three years, the tax rate will be 10%.
- If the holding period exceeds three years but does not exceed four years, the tax rate will be 7.5%.
- If the holding period exceeds four years but does not exceed five years, the tax rate will be 5%.
- No tax is applicable if the holding period exceeds five years.
Mutual Funds:
- Tax rate for Mutual Funds will depend on their income, with 10% for filers and 20% for non-filers.

WITHHOLDING TAX ON PAYMENTS TO NON-RESIDENTS – SECTION 152

Description: Any payment made to non-residents for goods, services, or execution of a contract.
Filer Rate: 15%
Non-Filer Rate: 30%

MINIMUM TAX ON SERVICES – SECTION 153(1)(b)

Description: Minimum tax on the value of services provided.
Filer Rate: 8%
Non-Filer Rate: 16%

TAX ON TRANSACTIONS IN STOCK EXCHANGE – SECTION 233A

Purchase of Shares:
- Filer Rate: 0.02% of the transaction value.
- Non-Filer Rate: 0.04% of the transaction value.
Sale of Shares:
- Filer Rate: 0.02% of the transaction value.
- Non-Filer Rate: 0.04% of the transaction value.

ADVANCE TAX ON PURCHASE OF DOMESTIC AIR TICKETS – SECTION 236B

Description: Tax is deducted on the purchase of domestic air tickets.
Filer Rate: 5%.
Non-Filer Rate: 10%.

LOOKING TOWARDS GETTING INCOME TAX RETURNS FILED?

Under the strict government programs regulations, it has come greatly necessary that you’re completely biddable with Pakistan’s taxation system. Taxocrate is a league of professional tax advisers in Karachi and tax lawyers in Islamabad. We don’t just give tax consultancy but also aid you in tax deduction and insurance conditions in your favor. This will let you concentrate your energy and time on the core business conditioning. We’ve tax lawyers in Karachi and tax advisers in Islamabad who work in the following parts in the area of tax consultancy

– Individualities.
– Salaried Earner.
– Associations.
– Companies.
– Non-Profit Organization (NGOs).

We work by making a complete analysis of your accounts books, making your Income Statement, doing essential amendments (if needed), and finishing the Income Statement. After process completion, we demonstrate the Return of Income after discussion and getting approval from the customer.

OUR TAXATION SERVICES

We offer you the mentioned high-quality tax consultancy services for your compliance with the tax regulations:
• The strategy development and planning of your tax filing.
• Documenting of your Tax returns.
• National Tax Number enrollment for tax correspondence with FBR.
• Dealing with Taxation Authorities like taking interpretations, documentation, and approval from FBR.
• Wealth Statement Preparation.
• Electronic Challan Payment and Preparation.
• Filing and Preparation of other tax statements (if needed).
• give guidance in FBR audit and Conduct tax audit.
• Guidance and Advisory on day-to-day tax issues of the clients.
• Manage appeals and objections.
• Guidance on Tax Deduction.
• Refunds of income tax from the tax authorities for clients.
• Manage Tax exemptions for educational institutions and NGOs.

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Advantages of Income Tax Return Filing

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Income Tax Return:Tax Slabs for Salaried Individuals & Businesses