how to file income tax returns in pakistan 2023 al sadat marketing

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How to File Income Tax Returns in Pakistan?

Do you desire to receive superior to standard assistance at airports and excise offices? Want to pay less for that brand-new car? Or maybe that desirable property at a price below asking? Want to pay the least amount of withholding tax possible on all of your banking transactions? Have you recently experienced a loss in business and required a tax exemption?

If your answer to all the above questions is yes, you must file your tax returns and wealth statement in order to be eligible for these benefits.

Do it as soon as you can since the deadline is quickly approaching. The Federal Board of Revenue’s (FBR) official sources state that the deadline to file your income for the tax year 2022 is September 30, 2022.

Before we go into the specifics of the procedure, it is crucial to note that everyone in Pakistan who earns PKR 600,000 or more annually is required to file their tax returns. You’re in luck if you believe your yearly income exceeds this amount and you haven’t filed taxes yet.

Know FBR Instructions for Filing Taxes for 2022

Before we discuss how to file your returns and register online as a tax filer, it is wise to review the Federal Board of Revenue’s (FBR) most current instructions regarding income tax returns. 

Step by Step Process to File Income Tax Return

Online income tax return filing has gotten a lot simpler. By going to the Federal Board of Revenue website, everyone can now quickly file their taxes online. Following are the steps for filing tax returns in Pakistan.

  • Log into Iris before filing any tax returns. The online filing of income tax returns is done using Iris. the user name and password you entered
  • To reset your password, click the “Forgot password” link.
  • Once you have logged in successfully, select “Declaration” from the menu at the top of the portal.
  • Choose the ‘114(1) Return of Income Filed Voluntarily for 1 Year)’ tab under Forms.
  • You must enter the Tax year by clicking the Period tab.
  • When a new page loads, click the Employment section.
  • Go to the Salary tab.
  • In the Total Amount column, enter the salary’s annual income.
  • Mention the amount exempt from tax under the title “Amount exempt from tax” if your pay contains the exempted amount.
  • Once finished, select the Calculate option.
  • Fill out the input fields with the total tax, the amount subject to final tax, and the amount exempt from tax, then click the Calculate button.
  • Select the Deductible Allowances tab from the Tax Chargeable/Payments page to enter any deductions made for Zakat or charitable contributions.
  • Complete the fields for Tax Chargeable, Tax Reductions, Adjustable Tax, and Tax Credits.
  • You must enter the specifics of the taxes that have already been assessed against you or charged to you during your tax year on the Adjustable Tax screen.
  • If you work for the federal government, input your tax payment using the 64020001 code.
  • Enter the tax amount against 64020002 for provincial government employees.
  • Additionally, you can change the tax that your bank deducts from specific parts, such as when you take money from the bank in 64100101. The code 64151501 should be used for any additional banking transactions, such as savings or bonds.
  • Additionally, you can compare the tax deducted by your bank for motor vehicle registration, transfer, sale, and leasing to the relevant codes.
  • A dialogue box will ask for information about the car, such as the E&TD Registration Number, as well as further information on the brand, model, and engine size. When you’re finished, select the Calculate Tab from the menu.
  • You may view all the information about your income and taxable amounts by choosing the Tax Chargeable/Payments page.
  • View the Admitted Income Tax and Demanded Income Tax tabs.
  • You must pay any amount found under the Demanded Income Tax tab and attach any applicable CPRs.

Net Assets 

  • To provide details about your assets, select the Personal Assets tab.
  • Add up the total of the current year’s net assets as well as the prior year’s net assets.
  • In the field for inflows and outflows, enter the amount of annual income.
  • After entering all the information, click the Calculate button.
  • When submitting income tax returns, the “Unreconciled Amount” must be zero.

Demanded Tax Payments 

  • You must submit the information about your returns in the subsequent steps after paying the demanded tax using an Alternative Delivery Channel (ADC) or with cash by going to any approved National Bank of Pakistan branch.
  • Click on the Payments tab, then on the plus sign in the top right corner.
  • A dialog box requesting payment information will display.
  • Type in the CPR number, amount code, or amount paid, then select the search option.
  • When the whole list of your payment’s details appears, select OK to store them.

Verify Tax Form and Submit It

  • You have to verify your identity after adding and calculating all the required fields in income tax return form.
  • Your name and registration number should already appear populated in the form.
  • Click on the ‘Verify Pin’ tab after entering the verification pin given to you at the time of registration.
  • Once you have been provided with all the details, you can file income tax returns by clicking on the ‘Submit’  tab. 

Who Needs to File Income Tax Returns in 2022

The Federal Board of Revenue (FBR) has issued final income tax return forms to start the tax filing process from July 01, 2022. 

Following is the list of people and companies who are required to submit their tax returns:

  • Every company.
  • Every person whose taxable income for the year exceeds the particular set amount.
  • Every non-profit organization as defined in clause 36 of section 2. 
  • Every welfare institution approved under clause 58 of part 1 of Second schedule. 
  • anyone for whom tax has been imposed with respect to either of the two prior tax years.
  • Every individual who claims a loss carried forward for a tax year under this Ordinance.
  • Anyone who is the owner of any flat or piece of real estate with a land size of 250 square yards or more that is situated within a municipality that existed prior to the implementation of local government laws in the provinces, a cantonment, or the Islamabad Capital Territory.
  • anyone who is the owner of immovable property in a rating region with a land size of at least 500 square yards.
  • Every owner of a flat with a covered area of at least 2,000 square feet that is situated in a rating area.
  • Everyone who is the owner of a car with an engine larger than 1000 CC.
  • Any individual who has a National Tax Number.
  • Anyone with an electricity connection for their business or industry whose yearly bill is more than Rs. 500,000.
  • Every person who is a member of the Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan, Institute of Cost and Management Accountants of Pakistan, or any other chamber of commerce and industry, trade association, market committee, or professional body
  • Any person whose revenue from their business surpasses Rs. 300,000 but falls below Rs. 400,000 in a tax year. 

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