Income Tax Return

INCOME TAX REGISTRATION AND RETURN FILING

Income tax registration is a process through which a person or entity becomes liable to pay income tax. The registration process is different for different types of taxpayers.

The government imposes income tax on all persons who are earning taxable income,
whereas taxable income is defined in different ways such as NORMAL TAX REGIME or FINAL TAX REGIME or Income has separate tax rates or falls in the taxable slabs.

All companies registered with the Securities and Exchange Commission of Pakistan (SECP) are required to file their income tax returns on an annual basis. The deadline for filing income tax returns is typically 30th September, although this may vary depending on the company’s financial year.

Penalties for non-filing of income tax returns

If a company does not file its income tax return by the due date, it will be liable to pay a penalty of Rs. 1,000 per day. In addition, the company’s name will be published in the local newspaper and it will be required to pay interest on any unpaid tax.
The penalties for not filing an income tax return for an individual, company, or AOP can vary depending on the specific situation. There may be no penalty at all. In other cases, the taxpayer may be subject to a late filing penalty, interest charges, and/or other penalties.

To obtain income tax registration in Pakistan must first obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR).
Once you have obtained your NTN, you will need to complete the income tax registration form and submit it to the FBR along with the required supporting documentation.
The FBR will then issue you a registration certificate which will serve as proof of your registration.

if income is less than the tax slabs or threshold mentioned in the income tax ordinance,2001 then that person also no need to pay taxes in fact taxpayers can claim refunds by submitting the application under section 170 of the income tax ordinance, 2001.
Even if a person has an income, or is not taxable income, it is still obligatory to file an income tax return.

WHO is liable to file an income tax return under section 114 of the income tax ordinance, 2001.

  • Every Company
  • Every Person Whose Taxable income for the year is more than the maximum amount that is not chargeable to tax
  • Any non for profit organization
  • Any person whose income subject to the final tax regime
  • Persons who own a motor vehicle having an engine capacity above 1000cc
  • Persons who have NTN number
  • Holder of commercial or industrial connection of electricity where the amount of annual bill is more than 500,000Rs
  • The resident person being an individual is required to file foreign income and assets under Sector 116 of the income tax ordinance, 2001.
  • Business Individual whose annual income is more than 300,000Rs but does not exceeds 400,000Rs

Individuals who spend more than 183 days in Pakistan will be considered resident person, they are liable to pay taxes on all incomes (Pakistan source + Foreign Source)
Whereas the individual who is not present in Pakistan for 183 days will be considered a Non-resident person, they will pay taxes on Pakistan source income only.

WHO is not Liable to file Income tax returns Under section 116 of the income tax ordinance, 2001.

  • A widow
  • Orphan below the age of twenty-five years
  • A disabled person
  • In case of ownership of immovable property of a non-resident person.

Keeping the view of the government’s demand over INCOME TAX, we provide the following services.

  • Registration of Income-tax (NTN)
  • Income tax return Filing
  • Filing of Withholding Statements of Business
  • Claim Refunds of Income tax
  • Tax Planning
  • Filing of Income tax return of Overseas Pakistani
  • Response to Notices received from the Federal Board of Revenue
  • Filing of Wealth Statements
  • Helping in tax audits

The benefits of Acquiring our Tax Consultancy Services are not limited to the following.

  • Professional and Experience Advice
  • 24/7 Available on your phone call to get advice on any financial transaction
  • Feeling of Relaxation, because of our support available
  • We maintain records on our server.
  • Elimination of Errors and omissions which reduces the risk of tax consequences.