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Annual Income Tax Return filing of Business Individual

Who is required to register?
  • A person who has obtained National Tax Number (NTN);
  • A person earning business income Rs. 400,000/- Annually or more required to file Tax Return;
  • A person who owns a motor vehicle having engine capacity 1000cc or above;
  • A person has been charged to tax in last 2 years;
  • A person who owns property measuring 500 Square Yard or more, a flat located in areas falling within the municipal limits, a Cantonment Board, or the Islamabad Capital Territory; and
  • A Person who owns a flat having covered area of 2,500 Square Feet or more located in a rating area.
Benefit
  • It creates civic sense in the society;
  • It allows the adjustment of tax already deducted in Electricity Bills, Telephone, Internet, Air Ticket & Educational expenses; and
  • Lowers the withholding tax as compared to Non-Filers.
Consequences for Non-Registration
  • Legal Noncompliance.
  • Confiscation of Bank Account/ Vehicle/ Immovable Property; and
  • FBR own assessment of income tax may end up on paying more taxes.

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    Attachments


  • Annual Accounts for the year

  • Details of Other Income sources if any

  • Annual personal expense

  • Details of all owned assets (Movable and Immovable) at the end of relevant year

  • Details of Addition/ Deletion of the Assets during the relevant tax year

  • Other information as required


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