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ALL YOU NEED TO KNOW ABOUT RETURN FILING

Published by admin at January 8, 2020

LOGGING INTO THE IRIS PORTAL OF PAKISTAN TAX

According to the Pakistan tax policy, income tax return filing online by logging into the IRIS Portal. IRIS is an online portal where the submission of Income Tax returns of Pakistan and return filing takes place. If you are a first-time Income Tax filer of Pakistan, registration will be mandatory for your Income Tax of Pakistan for Return filing. After registering once, you can log into IRIS and will be able to return filing your Income Tax Return of Pakistan. Individuals having obtained their National Tax Number (NTN) or Registration Number but do not have credentials to log into the portal can get access by clicking on ‘E-Enrollment for Registered Person’.

COMPLETING INCOME TAX RETURN FILING OF PAKISTAN

For the online Income Tax Return of Pakistan, you must complete the Return filing of Income form and Wealth Statement (statement of assets & liabilities) form. To facilitate the taxpayers.

RECONCILIATION OF WEALTH STATEMENT

Wealth Statement will only be favorably submitted and reconciled if and if your current year’s wealth has grown/declined from the earlier year’s wealth by the equal amount as your income has increased/decreased from your expenses. Failure to reconcile wealth statements will disallow you to submit your Income Tax Return filing in Pakistan.

RETURN FILING OF INCOME TAX AS A SALARIED PERSON IN PAKISTAN

To facilitate salaried persons in return filing their Income-tax return of Pakistan, a declaration form 114(I) has been provided by tax authorities of Pakistan. The salaried person would need to complete the Declaration form 114(I) to successfully submit their Income Tax Return. Persons who are deriving income only from salary and other sources, where salary is more than 50% of Income can avail of this form.

THE INCOME TAX RETURN REVISING IN PAKISTAN

An Income Tax Return of Pakistan can be changed in five (5) years of being filed to correct any omission or incorrect statement found later on. To review the Income Tax Return filing, An individual has to file an application for revision in IRIS. After approval of your application, you can file a revised Income Tax Return of Pakistan in the IRIS portal.

REVISING THE WEALTH STATEMENT

A Wealth Statement (statement of assets and debts) can be changed in IRIS before receipt of the notice under sub-section (9) of section 122 of the Income Tax Ordinance 2001 without the requirement to file an application seeking approval for revision.

Return FILING of INCOME TAX AFTER DEADLINE

To file your Income Tax Return of Pakistan online after the deadline, you would still have to complete the return filing of the Income Tax as described above.

RECORD KEEPING FOR INCOME TAX RETURN OF PAKISTAN

To file your Income Tax Return of Pakistan online after the deadline, you would still have to complete the return filing of the Income Tax as described above.

PERSONS OBLIGATED TO FILE THE INCOME TAX RETURN OF PAKISTAN

You may be restricted to file your Income Tax of Pakistan if you fall under a certain category slab for as per your salary or have income up to a certain threshold.

EXEMPTIONS, REBATES, AND CREDITS FOR INCOME TAX RETURN OF PAKISTAN

You can avail Tax Credits, Rebates and Exemptions only if you are an Active Taxpayer.

PRIVACY OF PERSONAL INFORMATION

Your personal information shared by you will not be disclosed to anyone except the tax officials.

PENALTY FOR NOT RETURN FILING INCOME TAX

By not return filing your Income Tax in spite of having taxable income, you will be liable to the penalty and prosecution under the provisions of the Income Tax Ordinance 2001.

For income return filing, the first step is to register yourself with the Federal Board of Revenue (FBR). For Income

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