Sunday, 25 February 2024
Trending
How to Become Active Tax Filer in Pakistan in 2024
TAXATION

How to Become Active Tax Filer in Pakistan in 2024

How to Become Active Tax Filer in Pakistan in 2024

How to Become Active Tax Filer in Pakistan in 2024. To become a tax filer is beneficial for all those citizens who are getting some taxable income, earning foreign source income in Pakistan, or receiving foreign remittances from abroad. Reduced tax rates are also available for active tax filers on purchase or sale any property, vehicle etc., and profit on investment from any financial institution. Moreover, no tax is charged on cash withdrawals (currently it is .6% if cash withdrawn from bank is above than Rs50,000 in a day) from bank if account holder is active tax filer.

If you want to become active tax filer or want to get tax, accounting and corporate services in Pakistan then we are here to provide you professional services! Call: 0092-3334875413 | www.globaltaxconsultants.pk

As today in December 2023, if any one wants to become active tax filer with FBR then he has to file his tax return for tax year 2022 (for the financial year from 1st July 2021 to 30th June 2022) along with amount of penalty after submission of tax return.

Penalty for becoming active tax filer in Pakistan which has to be paid after submission of tax return is Rs1,000 for salaried/individual and sole proprietor taxpayer and Rs10,000 for Partnership business and AOPs. Moreover, Rs20,000 is applicable on Private/Public limited companies registered with SECP under the Companies Act 2017.

See also  FBR launched Maloomat TaxRayApp: Signed MoU with NADRA: Acquired all data of filers & non-filers

Moreover, tax return for tax year 2023 (for the financial year from 1st July 2022 to 30th June 2023) has also become due and last date was 31st October 2023 for filing of tax return for tax year 2023.

It means currently along with submission of tax return for tax year 2022 a taxpayer has to file tax year 2023 tax return also. Only he has to pay penalty for tax year 2022 now and penalty for tax year 2023 will become due on 1st March 2024.

From 1st March 2024 onward if anyone wants to become tax filer then he has only to file tax year 2023 tax return along with penalty at prescribed rates.

One thing you should kept in mind that every year list of active tax filers is issued on 1st March and on the same day the next year becomes applicable for becoming active tax filer in Pakistan.

It means in year 2024, up to 29th February if you want to become active tax filer then you need to file tax return for tax year 2022 along with penalty. Moreover, from 1st March 2024 onward tax year 2023 tax return will be required to file along with penalty for becoming active tax filer in Pakistan. It means tax year 2023 tax return will remain applicable for becoming tax filer up to 28th February 2025.

See also  Tax returns from Karachi city low-income areas surprisingly on top
Newsletter
Subscribe Now

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

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: