ANNUL TAX FILING

Annual Income Tax Returns are documents filed with the tax authority to report income, deductions, and taxes owed or refunded for a specific tax year. While, Wealth Statement is a declaration of assets, liabilities, and net worth as of a certain date, submitted and reconciled with income tax returns to provide a position of financial status.

Who Need to Furnish a Tax Return?

As per Income Tax Ordinance, 2001. The following persons are required to furnish a return of income for a tax year:

• Every Company (Registered under the Company Act, 2017 or equivalent)
• Every Partnership Firm (AOP).
• Every Person whose income exceed the prescribed limit (Such as for Salary Annual Rs. 600,000 and for Business Annual Income Rs.400,000).
• Every NPO as per 2(36) of ITO, 2001.
• Every NTN holder.
• Every Person:
• Charged to Tax in any preceding two years.
• Claim a loss carry forward.
• Holder of commercial or industrial electricity connection where annual bill amount exceeds Rs. 500,000/-
• A resident person registered with any:
Trade Body / Trade Association, Bar Councils, Medical & Dental Councils, Member of ICAP & ICMA.
• Owns motor vehicle having engine capacity above 1000 CC.
• Owns immovable property with a land area of
• 500 square yards or more or any flat located in area of Municipal, Cantonment or Islamabad (ICT)
• 500 square yards or more or any flat having covered area 2000 square feet or more located in a rating area.

Filer persons usually pay single rate of taxes while on other hand Non-Filer persons pay double rate of tax or even more. Following are the few rates of tax on various transactions for the tax year 2023-24 which compare the difference of rates:

• Salary certificate (for salaried person only).
• Profit & loss and Balance sheet (for business individuals and companies).
• Withholding income tax deduction certificates.
• Bank statements of all Bank Accounts from July to June each Year.
• Any other income during the Year.
• Detail of Expenses
• Property (Agricultural, Residential and Commercial purchased /sold during the year).
• Investment in Assets
• Loan & Advances
• Motor Vehicle (purchased/sold during the year)
• Jewellery (purchased/sold during the year)
• Furniture & fittings (purchased/sold during the year)
• Accumulated life insurance paid in the year.
• Accumulated provident fund (certificate of contribution)
• Assets in the name of wife/minor children
Other all kind of assets on your name.