Thursday, 18 August 2022
Trending
TAXATION

Income tax returns filing reached at new peak

According to the weekly list of active taxpayers (ATL) released on Monday, the Federal Board of Revenue (FBR) has reached a peak of of 3.06 million in income tax returns for the tax year 2019.

The number of returns for the tax year 2019 is based on the returns filed by January 24, 2021. The number of return filers for the tax year 2020 is 2.316 million, FBR will issue ATL for the tax year 2020 on March 1, 2021. Therefore, ATL 2019 will run until February 28, 2021. Display of name in active taxpayer list (ATL) is subject to filing of return after due date or after due date along with payment of penalty amount.

Persons required to submit Income Tax Returns

Under Section 114 of the Income Tax Ordinance, 2001 (updated as of June 30, 2020) following persons are required to submit Income tax returns.

Penalty for non-filing income tax returns, wealth statement, foreign assets/income statement & active status | ALSO READ

(a) every company;

(ab) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; or

(ac) any non-profit organization as defined in clause (36) of section 2;

(ad) any welfare institution approved under clause (58) of Part I of the Second Schedule;

(ae) every person whose income for the year is subject to final taxation under any provision of this Ordinance;

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants
A d v e r t i s e m e n t

(b) any person not covered by clause (a), (ab), (ac) or (ad) who,—

(i) has been charged to tax in respect of any of the two preceding tax years;

(ii) claims a loss carried forward under this Ordinance for a tax year;

(iii) owns immovable property with a land area of five hundred square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory;

(iv) owns immovable property with a land area of five hundred square yards or more located in a rating area;

FBR appealed to all taxpayers to file income tax returns before march 2021 | ALSO READ

(v) owns a flat having covered area of two thousand square feet or more located in a rating area;

(vi) owns a motor vehicle having engine capacity above 1000 CC;

(vii) has obtained National Tax Number; or

(viii) is the holder of commercial or industrial connection of electricity where the bill exceeds rupees five hundred thousand;

(ix) a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan;

Who is exempt from filing income tax returns ? | ALSO READ

(x) a resident person being an individual require to file foreign income and assets statements under section 116A.

(1A) Every individual whose income under the head ‘Income from business’ exceeds rupees three hundred thousand. But does not exceed rupees four hundred thousand in a tax year.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants-Tax-News-FBR
A d v e r t i s e m e n t

LATEST POSTS

  • Today’s gold rates in Pakistan – 18 August 2022
    Today’s gold rates in Pakistan – 18 August 2022 Today’s Gold Rates in Pakistan – 18 August 2022: The price of a single tola of…
  • Good News for Car Buyers
    Good News for Car Buyers:. In recent past days, renowned car makers Toyota, Honda and Suzuki increased prices of their car variants. This increase was…
  • How to Check Your Bank Balance Online
    How to Check Your Bank Balance Online How to Check Your Bank Balance Online:. We often try to check bank balance of our bank account….
  • FBR Rebuts News Story Published by a Newspaper
    FBR Rebuts News Story Published by a Newspaper FBR Rebuts News Story Published by a Newspaper:. Federal Board of Revenue(FBR) has categorically rejected the news…
  • 100 Prize Bond List 15 August 2022
    100 Prize Bond List 15 August 2022:. Prize bond draw of Rs 100 is held after every three months in different cities of Pakistan. Draw is…
  • 1500 Prize Bond List 15 August 2022
    1500 Prize Bond List 15 August 2022 1500 Prize Bond List 15 August 2022:. Prize bond draw of Rs 1500 is held after every three months…

TaxUrdu.com

Related posts
TAXATION

Tax on Agricultural Income in Pakistan 2022 | Easy Latest Tax Calculator

Table of Contents Tax on Agricultural Income in Pakistan 2022Tax on Agricultural Income in Pakistan…
Read more
TAXATION

FBR Uploads Income Tax Return Forms for Tax Year 2022

FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded…
Read more
TAXATION

How to Verify FBR Active Taxpayer Status in Pakistan

Table of Contents Steps to Check Active Taxpayer StatusHOW TO VERIFY TAX FILER STATUS THROUGH FBR…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.