Frequently asked questions

Q. Who is required to submit a return of income?

As per section 114 of the Income Tax Ordinance, 2001, the following persons are required to file a return of income:

  • Company
  • Every person (not being a company) whose taxable income exceeds Rs. 600,000/- in a tax year
  • Non-profit organization
  • Approved welfare institute
  • Any other person who:
  1. Has been charged to tax in preceding two years
  2. Claimed a loss in a tax year
  3. Owns an immovable property with land area of 500 square yards or more
  4. Owns an immovable property with land area of 500 square yards or more located in rating area
  5. Owns a flat having a covering area of 2000 square feet or more located in a rating area
  6. Owns a motor vehicle having engine capacity above 1000 cc
  7. Has obtained a NTN
  8. Is a holder of a commercial or industrial connection of electricity where the bill exceeds Rs. 500,000/-
  9. Is a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body
  10. Every resident person being an individual required to file a foreign income and assets statement
  • Every person whose income from business is between Rs. 300,000/- and Rs. 400,000/- in a tax year

Q. Who is required to furnish a wealth statement?

Every resident taxpayer who is an individual and files a return of income for a tax year is required to furnish a wealth statement.

Q. What is the period of a return of income?

A normal tax year shall be a period of twelve months starting from 01 July to 30 June each year.

A person may apply to the Commissioner to allow him to operate with a tax year of twelve months other than the above mentioned time period which would be called a Special Tax Year.

Q. I am just a salaried individual, why should I file a return?

Income tax is collected in various forms by FBR from individuals either directly or indirectly. Individuals can adjust this income tax from their tax liability when filing a return of income. Individuals can become Active Tax Payers by filing their return of income and benefit from lower tax rates.

Q. What is the due date of submission of return of income?

The due dates for submission of return of income is as below:

Companies – having year end by 30 June – 31 December next following the end of tax year

Companies – having year end other than 30 June – 30 September next following the end of tax year

Individuals (salaried or otherwise) – 30 September next following the end of tax year

Q. Can I register myself or business online?

All types of registrations with any taxation authority can be done using the e-registration option and submission of relevant documents.

Q. Are all services taxable?

Taxable services are mentioned in the Second Schedules of respective provincial Acts.

Q. What is the frequency of submission of sales tax return?

Sales tax returns are submitted on monthly basis. The date of payment is 15th and submission of return is 18th of the following month in normal circumstances.

Q. Can you manage my accounts?

Yes, we provide complete financial services which includes book keeping and financial planning of your business.

Q. We have certain custom related matter stuck with the authorities, can you help?

Most definitely. Our experienced staff with in depth knowledge of Pakistan customs can provide all possible support to handle your custom matters and bring feasible solutions.