INCOME TAX RETURN FOR TAX YEAR 2020 TO BE FILED UPTO 30 SEPT 2020

The following persons in Pakistan, who earned income during the year 1 July 2019 to 30 June 2020 will have to file income tax return for Tax Year 2020 (including Wealth statement and wealth reconciliation) upto 30 September 2020:

1. Individuals whose salary is exceeding 75% of taxable income and taxable income is above Rs. 600,000/-;

2. Other individuals and Association of persons (business) whose taxable income is above Rs. 400,000/-;

3. Persons holding National Tax Number (NTN);

4. Persons owns immovable property (house on land or flat) and / or owns a motor vehicle, exceeds the maximum limit which is exempted. Further widow, orphan below 25 years age, disabled person, non-resident owner of immovable property are not required to file a income tax return under section 115;

5. Persons holding commercial or industrial connection of electricity where the amount of annual bill exceeds Rs. 500,000/-

6. Resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body;

7. Person is a resident person being an individual required to file foreign income and assets statement under Section 116A;

8. Brokers and commission agents under section 233 are also require to file income tax return as their deducted amount of commission or brokerage are treated as minimum income tax. So normal income tax will be calculated including commission and brokerage and if normal tax is below deducted amount then deducted amount will be treated as income tax.

For further clarification, please contact your Tax Consultant or Syed Imtiaz Abbas Hussain, FCA, Karachi, Pakistan. Cell: 0092 3003572479. Email: [email protected]