Previously, non-residents did not have to file a tax return. However, someone cannot become a “filer” after the deadline for filing the tax return. Hence, they still need to prepare yearly tax payment.

The FBR IRIS Method

tax return This usually means that the list of “living taxpayers” based on the 2018 tax returns will probably be updated and no further updates will be generated. However, if the tax return for the fiscal year 2018 is submitted before that date, the person will be an active citizen for the entire year 2019. This deferral is related to income earned in the period. We assume that the FBR IRIS method will work without problems, and those bona fide taxpayers will not face as many issues as every year. We expect that this season the FBR will eliminate the shortcomings in the return procedure and ensure its Internet platform’s proper functioning for revenue presentation.

tax payment This manual is a modest attempt to guide taxpayers who wish to file their tax returns alone, without a lawyer or tax professional’s assistance. In the past, the average person did not have to file their tax return if their only real income source was their salary, and their income was less than Rs. 500,000. I think that men and women employees who do not file tax returns are making a mistake. First, they risk acquiring criminal activities because they do not file a second and repeated tax return, and in many cases of employees, the tax deducted is much higher than their tax debt. If these people file a tax return, they can claim the excess tax deduction as a refund.

The Content of Tax Method

In Pakistan, it is relatively easy to pay income tax. If your income is more than Rs. 33,500 per month, your employer must deduct the tax from your salary. This has not always been the case. Every employee with a gross income of Rs.400,000 must submit a tax return (via e-mail) together with the FBR’Sonline system called IRIS. Without an asset declaration, it is not possible to document the tax return. Asset declarations contain details of a person’s strengths and obligations. This means that you have to declare in detail your assets, land, houses, and vehicles in your name, together with details of real estate and personal assets, which are in the name of your relatives, for example, your partner and children.

 

Taxpayers must also provide details of personal expenses, such as reimbursed house rent, travel expenses, electricity, education, and other personal expenses. Personal expenses are a separate part of your budget. If your income is probably more than 400,000 rupees and you have decided to submit the return, you must register with the FBR. To register with the FBR, you can visit another address and provide your details correctly. You can also attach the following files, which must be scanned. It is essential to remember that the entered cell phone number’s SIM card must be registered in the title of the previous month. If it is not correct, you will not receive the confirmation code on your phone, and you will not register.

financetaxTax Return
By Finance