FILE YOUR
INCOME TAX RETURNS IN PAKISTAN
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Affordable Tax Filing Services
is a leading tax advisory consultancy offering affordable and comprehensive tax filing services. If corporate tax forms and extensive documentation seem overwhelming, our experts simplify the process. Simply upload your details, and our professionals will prepare a draft income tax return for you.
What is income tax?
Income tax is a mandatory fee levied on individuals and businesses by the government to fund essential public services. All persons with eligible income are required to file annually, according to the Income Tax Ordinance 2001. Tax rates and calculations vary based on financial status and tax category, which includes:
- Companies
- Associations of Persons (AOPs)
- Salaried individuals
- Non-salaried individuals
Who Needs to File an Income Tax Return in Pakistan?
Under Pakistan’s tax laws, the following are required to file an income tax return:
- Registered companies
- Individuals earning above Rs. 400,000 annually
- Non-profit organisations and welfare institutions
- Owners of certain immovable properties or vehicles over 1000 cc
- Individuals with a National Tax Number (NTN)
- Those with commercial or industrial electricity connections
Benefits of Filing an Income Tax Return
- Avoid penalties and fines.
- Claim tax refunds
- Establish proof of income and address
- Simplify loan and visa application processes
- Carry forward losses for future deductions.
Wealth statement requirements
All resident taxpayers are required to submit a wealth statement detailing:
- Personal assets and liabilities
- Assets of dependents, spouses, and children
- Transferred, sold, or gifted assets within the tax year
- Total yearly expenses
- Reconciliation of assets from previous years with current income
Tax Refunds in Pakistan
Eligible taxpayers who file their income tax returns online through the FBR’s IRIS system can claim refunds within two years of the filing or payment date, whichever is later. Refunds for manual filings are not available, and applicants may need to follow up at their regional tax office.
Income Tax Due Dates
Person | Due dates |
| Â | Â |
Individuals & AOP/firms | On or before 30th September |
Company | On or before 31st December |
Company having a special tax year | On or before 30th September |
The Penalty for Non-Filing Income Tax Return and Wealth Statement
When an individual fails to file an income tax return within the due time, he has to pay a penalty.
Description | Penalty |
Income Tax Return | Rs. 40,000 |
Wealth Statement | Rs. 100,000 |
Instances When Income Tax Returns May Be Rejected
Income tax returns can be unsuccessful if they don’t meet specific criteria per the Income Tax Ordinance 2001. Inaccurate information can result in penalties, so ensure the following before filing:
- Valid CNIC:Â Ensure your CNIC is current.
- Complete Mandatory Fields:Â All required fields must be filled accurately.
- Verification: Confirm the tax return is signed and verified by the taxpayer or an authorised representative.
- Correct Payments and CPR Numbers:Â Taxes should be paid fully, with CPR numbers entered correctly.
How Aims Associates Assist with Tax Filing
Aims Associates provides affordable tax services, making the tax filing process simple and accurate for clients. Clients upload documents directly to our system, where our tax experts carefully review them to identify potential adjustments and savings. Once the tax return is prepared, we share a draft for client review to cross-check all information before final submission.
Our professional service ensures timely filing and minimises audit risks.
File Your Income Tax Return with Ease through Aims Associate!