Adv Ch Shahid Bhalli

How To Prepare and Filling Tax Return in Pakistan

As per Lawkidunya, Here’s a step-by-step guide to filing a salary tax return in Pakistan:

Preparing the Return

1. Gather necessary documents: Salary slips, Form-16 (Certificate of Tax Deducted), and any other relevant documents.
2. Determine taxable income: Calculate total taxable income, including salary, bonuses, and any other income.
3. Calculate tax deductions: Claim deductions for expenses like mortgage interest, charitable donations, and medical expenses.

Filing the Return

1. Register on the FBR portal: Create an account on the Federal Board of Revenue (FBR) website
2. Log in and select the tax year: Choose the relevant tax year and select “Salary” as the income type.
3. Fill out the return form: Complete the online return form, providing details of income, deductions, and tax payments.
4. Upload supporting documents: Attach scanned copies of salary slips, Form-16, and other relevant documents.
5. Submit the return: Click “Submit” to file the return.

Payment of Tax

1. Calculate tax liability: Determine the total tax payable based on the taxable income and deductions.
2. Pay tax online or through a bank: Pay the tax using online banking, ATMs, or by visiting a designated bank branch.

Important Dates

1. Filing deadline: The deadline for filing salary tax returns is typically September 30th of each year.
2. Payment deadline: Tax payments must be made by the filing deadline to avoid penalties.

Penalties for Late Filing

1. Late filing fee: A penalty of PKR 20,000 to PKR 50,000 (approximately USD 133 to USD 333) may be imposed for late filing.
2. Additional tax: An additional tax of 1% per month or part of a month may be charged on the tax payable.

Seeking Professional Help

1. Consult a tax professional: If you’re unsure about any aspect of the tax return, consider consulting a tax professional.
2. Use tax software: Utilize tax software or online tools to help with tax calculations and return preparation.

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