INCOME TAX REGISTRATION

INCOME TAX RETURN

A person is required to submit an Income Tax Return (ITR) in Federal Board of Revenue (FBR). It requires the person to declare his income, assets and changes thereon during the year and pay taxes, if any. A person must file an income tax return annually on timely basis to avail the benefits of being filer.

A taxpayer can change their wealth statement for up to five years. Wealth statement is important part of income tax return for individuals and it should be filed carefully. 

BENEFITS OF BEING FILER

Benefits

Non Filer

Filer

Banking Transactions

0.6%

0%

Profit on Debt

30%

15%

Tax on sale of property 236C

4%

2%

Tax on purchase of property 236K

7%

2%

Vehicle registration and token taxes

Full amount

Half amount

Tax on Dividends 

30%

15%

Tax on sale of goods/ office supplies

9%

4.5%

Tax on services

20%

10%

Tax on contracts

14%

7%

REQUIREMENTS

COMPLETION TIME:

2 – 3 Working Days

REQUIRED DOCUMENTS:

INDIVIDUAL (SOLE PROPRIETOR) 

AOP (PARTNERSHIP FIRM)

PRIVATE LIMITED COMPANY

Bank Statement 

Bank statement of AOP

Bank statement of company

Detail of assets (vehicle, property, cash etc.)

Detail of business income

Detail of revenue

Details of income (Salary, revenue and expenses etc.)

Detail of business expenses

Detail of business expenses

Personal Expenses

Detail of any tax withheld

Detail of any tax withheld

Detail of any tax withheld

Annual Accounts of AOP

Annual Accounts of company