Federal Board of Revenue has issued the official advertisement for those employees of Pakistan who falls in the tax payer category are advised to file income tax returns so easily. Everyone have to understand that it is very easy process to become a tax filer and get lots of advantages. Non-filers of Income Tax Returns are punishable with a fine of Rs. 1,000/- per day and 2 years of imprisonment. The last date for the tax filing is 30th September 2021 which already extendable and there is no chances to extend more.
Benefits of Timely Filing Income Tax Returns 2021-22
- Enlistment to the Active Taxpayers’ List (ATL)
- Exemption from 100% increased Withholding Tax Rate
- Low tax rate on imports, and a number of services and transactions
- Low tax rate on vehicle/property registration etc. of Returns
Who is Liable To File An Income Tax Return
- Individuals and Association of Persons with Annual Business Income of over Rs. 300,000/.
- Salaried persons with Annual Income of over Rs. 600,000/.
- Owners of land (500 sq yards or more) or flat within limits of cantonment, municipal or ICT.
- Owners of land (500 sq yard or more) or flat (with covered area of 2000 sq ft or more) in urban areas.
- Owners of vehicles (1000cc and above).
- Commercial/ Industrial electricity connection holders with bill over Rs. 0.5 M.
Note: Individuals having taxable business income of less than 01 Million and Turnover less than 50 Million can file manual returns
Filing of Income Tax Returns Made Easier Through Tax Asaan Mobile App
- Online Filing Services
- Easier and simplified forms
- Tax Asaan Mobile App
- Step-by-step guidance
FBR HELPLINE: helpline@fbr.gov.pk (051 111 772 772)
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