WHO HAS TO FILE TAX RETURN

Tax year 2023 - 2024 is coming to an end on 30th June 2024 and filing of tax return will start then as a tax payer you should be aware of the fact if you are liable to file tax return or not, what are the criteria to file return.

PERSON LIABLE TO FILE TAX RETURN 2024

person is a legal term that includes individual, association of persons, companies.

• Individual having annual income more than PKR 600,000
• Individual already registered with FBR as a taxpayer
• Individual owns a car of 1000 cc or more
• Individual owns a house of 5 Marla or equal or more

WHEN TO FILE RETURN

Tax year in Pakistan starts from 1st July every year and filing of tax return for previous year also start from 1st July up to 30th September if FBR extend the date of filing beyond it then taxpayers get further time to file and consider it as filing within time otherwise filing after 30th September is subject to late filing and late filing penalties and surcharge.

Active Filer Status

Taxpayers who file their returns with in specified time or within extended time if there is any are able to maintain their filer status through next year but in case of late filing they will become inactive on 1st March. On 1st March inactive taxpayers can become active again by paying surcharge of Rs.1000.

BENEFITS OF BEING ACTIVE FILER

• Zero tax on cash withdrawal
• Half tax on sale/purchase of property
• Half tax on Banking profits/dividends
• Half tax on commission income
• Half tax on purchase of car
• Half tax on service
• Visa requirement