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| FBR Tax Filling Date Extended |
What
is Tax?
Tax is the one of the income source for any
government. Like the general people and companies, government also spends money
on people of the state, e.g Education, Health, Defense, to run state own
enterprises, and also infrastructure, that’s why government need money. Through
giving tax to the government, people help his country to achieve this objective.
In the recent press release of Federal Board of Revenue (FBR) the tax return
filler crossed the number 1.8 million for the tax year 2018, for the year 2017
this number till December 2017 is 1.158 million. Where the population of
Pakistan is 207.7 Million (according to the population census 2017), the percentage
of Tax Filler as compare to population is 0.0057%, this figure in India is 2 %.
Income
Tax Return
Income Tax Return is the online statement to file the income with other details to the government. You can file this statement online through IRIS system of Federal Board of Revenue. You need your ID (CNIC in the case of Individual) and password. if you are not registered with FBR, then click how to Register.
Here you need some working before start the filing.
For Income Tax Return Statement (114(1))
1)
Income
You need to calculate your total
income for the whole year e.g Jul-2017 to Jun-2018 in following categories.
a) From
the salary
b) From
Rental Property received or receivable
c) For
sole proprietor Business at least Income Statement and Balance Sheet of the business.
d) Gain
From Sales / Purchase of Capital Assets
e) Other
sources like, Dividends, royalty, profit on debt, pension, amount received from
winning a bond or raffle etc.
f) Foreign
income sources
g) Agricultural
Income
h) Agricultural
Income Tax
2)
Tax
Chargeable / Payments
a) Zakat
Paid (u/s 60)
b) Pay
any amount in the head of Worker Welfare Fund (u/s 60A)
c) Pay
any amount in Worker Participation Fund
d) Profit
on Debt (u/s 60C)
e) Education
Expense (u/s 60D)
f) Charitable
Donation (u/s 61, Part I, 2nd Schedule)
3)
Adjustable
Tax
a) If
Salaried Person, Tax Deduction Certificate from Employer (u/s 149)
b) Cash
Withdrawal from bank (u/s 231A)
c) Telephone
Bill (u/s 236(1)(a))
4)
Final
/ Fixed / Minimum / Average / Relevant / Reduced Tax Rate
a) Profit
on Debt (u/s 7B)
For
Wealth Statement (116(2))
1)
Personal
Expenses
a) Rent
b) Rates
/ Taxes / Charge / Cess
c) Vehicle
Running / Maintenance
d) Traveling
e) Electricity
f) Water
g) Gas
h) Telephone
i) Asset
Insurance / Security
j) Medical
k) Educational
l) Club
m) Functions
/ Gatherings
n) Donation,
Zakat, Annuity, Profit on Debt, Life Insurance Premium etc
o) Other
Personal / Household Expenses
p) Contribution
in Expenses by Family Members
2)
Personal
Assets / Liabilities
a)
Agricultural
Property
b)
Commercial,
Industrial, Residential Property (Non-Business)
c)
Business
Capital
d)
Equipment
(Non-Business)
e)
Animal
(Non-Business)
f)
Investment
(Non-Business) (Account / Annuity / Bond / Certificate / Debenture / Deposit /
Fund / Instrument / Policy /Share / Stock / Unit, etc.)
g)
Debt
(Non-Business) (Advance / Debt / Deposit / Prepayment / Receivable / Security)
h)
Motor
Vehicle (Non-Business)
i)
Precious
Possession
j)
Household
Effect
k)
Personal
Item
l)
Cash
(Non-Business)
m)
Any
Other Asset
n)
Assets
in Other’s Name
o)
Total
Assets inside Pakistan
p)
Assets
held outside Pakistan
q)
Credit
(Non-Business) (Advance / Borrowing / Credit / Deposit / Loan / Mortgage /
Overdraft / Payable)
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