Tax Return Filing

Tax filing is a legal obligation for those persons in Pakistan who earn taxable income. Also, it is the responsibility of a good citizen to contribute towards the documentation of the economy.

At Pak Tax Filer, we serve individuals and businesses to file tax returns and be filers. In this way, you can save on hassles involved with the non-filing of tax returns.

Documents required for tax filing:

Salaried Individuals:

✓ Computerized National Identity Card (CNIC)

✓ Salary statement

✓ Bank statement

✓ Property documents

✓ Any investment details

Businesses:

✓ Profit and loss statements

✓ Balance sheet

✓ Tax deduction certificates

Service Charges:

✓ Salaried Individuals : Rs. 2,000

✓ Small & Medium Businesses : Rs. 5,000

Comments

Do you need to file tax return?

Tax Return in Pakistan A tax return is an official document that individuals and companies file with tax authorities, like Pakistan's Federal Board of Revenue (FBR), to disclose their income, expenses and their assets and liabilities. In Pakistan, Who Is Required to File Tax Returns? In Pakistan, following is a summary of the various taxpayer categories: Individual Taxpayers: Tax returns must be filed by those whose taxable income exceeds Rs. 600,000 per annum (as per latest tax law updated till 30 June, 2023) . The minimum taxable income threshold for individuals is subject to change based on current tax legislation. Taxpayers must remain informed on the most recent thresholds. Companies and Organizations: Regardless of taxable income, corporations, businesses, and other entities operating in Pakistan must file tax returns. A business must nevertheless file a 'Nil' return, stating that it had no taxable revenue during the tax year, even if it does not produce any. Non-resi...

FBR issues final notices to Non Filers to file returns, or face blockage of mobile sims and disconnection of utility connections.

To bring the majority of the population into the tax net, FBR has taken the most strict action of issuing final notices to non-filers to file a tax return . In case of failure to do so, non-filers will face the consequences i.e., blockage of mobile sims and mobile phones, disconnection of electricity and gas connections. This step is going to be implemented somewhere in January 2024 so all non-filers shall take it seriously and file their return to save themselves from the pains associated with disconnection of much required utilities. If properly implemented, this step will bring desired results of increasing tax filing ratio amongst Pakistani population.

Pak Tax Filer

Search This Blog