Income Tax

How to File Income Tax Return FBR?

Are you searching for Income Tax Return FBR filing, we are here for your ease in this regard. You don’t need to hire the services of a lawyer or any tax consultant to do this task for you.

We ensure you that after reading this guide or watching our tutorial videos, you will be able to easily file Income Tax Return FBR and will be in a position to guide someone else too.

Before we go to file the Income Tax Return FBR, we must know about the definations of Income and Tax.

What is Income?

A simple definition of the word “Income” is that wage/money a man earns through his work or service on regular basis. It may be made on a daily/weekly or monthly basis. It also exists in the shape of investment, e.g a man invested his money in any firm/bank for the purpose of profit, he would get the money.

What is Tax?

Tax” is the money that has to be paid in the Government treasury on account of profit generated through the businesses within their control or individuals. Tax is also compulsory against the purchase of goods, services, or bank transactions.

Income Tax

Income Tax” in Pakistan is a tax charged by the Government upon the person/individuals or firm/organization on the amount which they earned in the fiscal year. “Income Tax” rates on the salary/earning has been fixed by the Government of Pakistan.

Income Tax” has two basic forms. The first one is Direct Tax; which Government imposes upon a person or entity and the other one is Indirect Tax, which applies to the purchase of goods or services.

Benefits as a Filer

The Income Tax Filer avails too many benefits/concession by the Government of Pakistan as compared to a non-filer. A filer entertains relaxation in a number of fields relates to tax.

We can further elaborate through an example/comparison of daily life. If a filer makes a cash withdrawal through a bank above Rs. 50,000 he just has to pay 0.3 percent tax on this transaction. On the other hand, a non-filer makes a similar transaction, he will have to pay tax with a percentage of 0.6.

First thing first, before entering in the filing phase, we must know about the registration process to proceed further.

REGISTRATION OF INCOME TAX RETURN FBR

We have tried to resolve the most demanding issue of “Income Tax Return Filing Online for FBR“. We tried to resolve the obstacles faced in filing the Income Tax Return through guidance. You can also be facilitated by watching a simple tutorial video, Given above.

For those who have not yet been registered on FBR IRIS Portal, follow the below mentioned steps;

Step 1: Go to your mobile/PC browser and enter the URL “www.fbr.gov.pk“.

Step 2: Now click on the Income Tax iris link in Online Services section.

Step 3: Here, you will see a green button at the right bottom of the page, captioned as “Registration for Unregistered Person“, click on it.

Step 4: Now you will face the interface of the New Registration Form, enter all required information/particulars in this form and submit it through “Submit” button at the end of the page.

Step 5: After submitting, you will get a text message containing a “CODE” on your given mobile number as well as on e-mail address.

Step 6: Enter these codes in the “SMS Code” box and “E-mail Code” box respectively and submit.

Step 7: Immediately, you will again receive a confirmation SMS of your registration having your USER NAME and PASSWORD. Don’t forget to save the both for later use.

Congrats..!! You are done.

FILING OF INCOME TAX RETURN FBR

Filing Income Tax Return via “www.fbr.gov.pk” provides you with a comprehensive view of your whole income gained through the fiscal year. Filing Income Tax Return for the person who earns Rs. 600,000 or above during a financial year is mandatory in Pakistan. Imposing Income Tax upon the higher class of the country is a basic idea to upgrade the living standard of the society. Before entering in the filing procedure of ITR, the necessary documentation required for filing the form is as follows.

Requirements for Filing

  1. Bank Statement from your concerned bank w.e.f 01 July to 30 June for the desired financial year.
  2. Income Tax Statement from your concerned District Accounts Office in which the gross salary for the fiscal year and gross Income Tax paid will be cleared.
  3. You must have to maintain the whole record of your assets and liabilities for your required year.
  4. Utility bills (gas, electricity, PTCL etc) for the month of July because in July’s bill there is all billing record of the year available.
  5. A complete record of your expenses against the various heads.

Note: For your own ease note down all these above mentioned figures on a page.

Procedure of Filing Income Tax Return

The necessary details required for the subject has been described above in writing. Now, rather than reading a detailed paragraph comprising on details regarding miscellaneous tabs which can confuse our clients, we have decided for your convenience to educate it through video tutorials, which will be available on-site shortly.