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This form contains the information of the income tax paid by an assessee, filing of which helps in easy acquiring of loans, visa application and also helps avoid penalties.
Our agents will set up a seamless process for data collection. (upon data collected from customer)
Return Preparation
Your return will be prepared as required.
Returns Filings
Before you know it, your return will be ready for filing.
E-filing Income Tax Returns in Pakistan - An Overview with Sidekick.pk
File online Income Tax Return by logging into Iris. Iris is online portal where Income Tax Return is filed.
If you are a first time Income Tax filer, registration will be required before you can file your Income Tax Return.
After registration you can log into Iris and file your Income Tax Return. Those having obtained a National Tax Number (NTN) or Registration Number but do not have credentials to log into Iris can get access by clicking on ‘E-enrollment for Registered Person’ .
REGISTER FOR INCOME TAX
The first step of filing your Income Tax Return is to register yourself with Federal Board of Revenue (FBR).
Things to remember during income tax return filing with Sidekick.pk
Income Tax Rates in Pakistan
TAXABLE INCOME
Taxable Income means Total Income reduced by donations qualifying straight for deductions and certain deductible allowances.
TOTAL INCOME
Total Income is the aggregate of Income chargeable to Tax under each head of Income.
HEAD OF INCOME
Under the Income Tax Ordinance, 2001, all Income are broadly divided into following five heads of Income:
For Complete List of Latest Income Tax Rate for Year 2021-2022
Follow below URL:
Why File Income Tax Returns in Pakistan
Why file IT returns?
Benefits
The advantages of filing for IT returns are:
IT Tax Refunds & Taxpayers Responsibility
A taxpayer becomes eligible for tax refund when an excess amount of tax is paid than the actual tax liability. In order to claim the refund the taxpayer must have filed the returns within the due date.
Tax payers usually receive notices by the IT department to ensure they complete the filing process without any delays. Any loss against house property, depreciation, business loss and any form of loss not set off against the income can be carried forward to the subsequent years.
Documents required for Income Tax Filing in Pakistan
Here some list of documents is given Which is required for preparation of tax working for submission of tax returns.
List of Documents
4- E-Mail Address
5- Mobile No (Never used before for Tax Purpose)
6- Principal Earning/ Professional Activities
7- Employer Particulars
8- Photocopy of NTN Certificate, If any.
9- Description of any share in any business, partner of any firm, or director of any company, if any.
10- You are Resident or Non-Resident Person, (Resident if you are in Pakistan for 183 days or more)
11- Description and photocopies of evidences of any investment in the following, – Shares of any company, – Investment in Defense saving certificates, – any other investment in any banking company,
12- Any dividend income received from any company, (copies of dividend warrants received)
13- Photocopies of Salary Certificate from Employer and tax challans for the tax year under rule 42,
14- Description of foreign source of income and any tax deducted on that income, if any
15- Copy of evidence of Zakat / Donation paid to any charitable institution.
16- Any property income and copy of tax paid on rental income U/S 155 from any property.
17- Agricultural Income (Copy of agreement or evidence of income) and Agriculture Tax Paid, if any,
18- Copy of last year “Income Tax Return” filled, if any.
19- Copies of Bank Statements of all bank accounts and credit card statements from 1st July, 20.. to 30th June 20..
21 Rent agreement if you are living in a rental house.
20- Description of any plot/house sold / Purchased during the year, – Source of proceeds received / Paid (In Cash / Bank ) – Particulars of Property against which Amount received against sale / Paid against Purchase Any other source of income which has evidence in the form of document or directly received in bank through cross cheque,
21- Certificate of Tax deduction U/S 236 from Mobile/Cellular Company of your mobile number or any number which your family member is using but is in your name.
22- Address of sold property – Amount Received / Paid – Date of Sale / Purchase – Any Tax Paid on Sale / Purchase
23- Copy of Annual Token Tax paid on vehicle U/S 234.
24- Copy of evidence of air tickets availed during the year
25- Amounts of Following personal expenses are required, – Residential Rent / Property Tax/ Fire Insurance/ Security Services/ Water Bills – Education of Children/ Spouse / Self – Travelling Exp, foreign or local -Expense of any Club – Any fine or penalty paid for the violation of any law or regulation. – Any contribution by any other family member – No of Family members, Adults, Minors
26- Any other information which you deem to be provided for the purpose of filling the Income Tax Return.
Specific
Documents for Business type Taxpayers
27- business expenses Evidences
28- business income evidences
29- tax deducted by customers under section 153
30- sales tax returns copies
31- evidences of tax deducted by employer on salary , suppliers etc
32- submitted withholding statements under section 165
Who should file an income tax return? in Pakistan
IAs per the Income Tax Department the entities required to file IT returns annually are:
For business tax return filing:
The IT Department of India has rules for all businesses operating throughout the country to file income taxes each and every year. If need be, TDS return can also be filed and advance taxes can be paid to ensure that the business complies with the IT rules and regulations.
Proprietorship Tax Return Filing
A proprietorship firm is run by a single person called the proprietor. Proprietorship is not a separate legal entity, that is, both the proprietor (business owner) and the business are the same. Due to this, ITR filing for proprietorship is the same as that of the proprietor.
Proprietors are required to file IT returns year after year. The procedure is no different from that of individual income tax filing.
Requirements for filing proprietorship tax returns:
Proprietors within 60 years of age and whose income exceeds Rs.2.5 lakhs are required to file proprietorship tax returns. Proprietors above 60 years but less than 80 years of age and whose total income exceeds Rs 3 lakhs are eligible.
Proprietors above 80 years must file their IT returns if their total income exceeds Rs 5 lakhs.
Partnership Firm Tax Return Filing
As per the Income Tax Act, all partnership firms are treated as separate legal entities and are applicable for tax rates that are on par with LLP’s and companies registered in Pakistan.
Requirement for filing partnership firm tax return
Irrespective of income or loss, partnership firms are required to do IT filing. If the firm has been commercially inactive with no registered income, a NIL income tax return should be filed within the stipulated date.
LLP Tax Return Filing
All LLPs or Limited Liability Partnerships are considered separate legal entities and their income tax rate is similar to that of all companies registered in India. The Income Tax Act declares that all LLP’s must file their tax returns irrespective of the loss or gain they have incurred in that year. If the LLP has seen no business activity or registered income, then a NIL income tax must be promptly filed.
Company Tax Return Filing
All types of business structures like Private Limited Company, Limited Company, Limited Liability Partnership company, One Person Company are registered under the Ministry of Corporate Affairs. All such companies are mandatorily required to file IT returns as prescribed by the Income Tax Act.
Requirement for filing company tax returns
Any company that is registered with the Government of India and operating on Indian soil is required to submit its filed IT returns. This is equally applicable for those companies that have been dormant with no business transactions and no registered income or expenses.
Recent Updates for Income Tax Returns in Pakistan
Deadline to file Income Tax Returns for the FY 2019-20 has been extended
November 23, 2020
The Deadline to file Income Tax Returns for the FY 2019-20 has been extended to 31st December 2020. A new change has been implemented in the ITR form known as Schedule 112A disclose details of the sale of equity share or unit of equity-oriented fund on which Securities Transaction Tax (STT) is paid.
Penalty Deduction on TDS
24th February: Delayed deposit of TDS will attract only 9% penalty instead of 18%
ITR Filing Deadline Extended
30th July: The Federal Board of Revenue (RTO Offices) has extended the tax filing deadline. Yes, now taxpayers can file returns for the FY 2019-20 till 30th November, 2020, instead of 31st July and 30th September.
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