As the date is approaching to file tax returns, most are hiring consultants to assist them within the entire process. This year some are going to be new filing tax returns and for a few, it’s getting to be another year to be an honest taxpayer.
14% tax on the web, tax on the education sector, and tax on import. This feature details some common issues and facts about tax Return Filing.
The government has reserved Rs 3200 billion for collection. However, just one percent of individuals file an income tax return. With over 200 centers found out to facilitate taxpayers by FBR, we still lack behind in tax collections.
a serious reason is that an outsized number of salaried employees lie under the slab of PKR 400,000 – PKR 500,000, which could also create cases where even a peon of a company entity may need to file for the tax return for 2015.
And now as per the laws of taxation, providing a wealth statement alongside income tax return filing will now be a compulsion for all salaried employees. As per FBR, they’re expanding the tax net towards those that are currently non-filers.
Don’t want to be all techie here, but if you’re noticing seemingly random amount deduction in your bank accounts, then it’s about time you would like to file your tax returns ASAP.
(This is because the Finance Act took effect from July 1st and banks silently started implementing it).
About 0.3% (reduced from 0.6%) tax is applied on bank transactions as advance tax. This tax is applicable to non-filers.
As per FBR’s handout on August 15′ 2015, the salary holders can submit their form till August 31 whereas the deadline of September 30 has been decided for companies. Being a salaried employee, this is able to be my first time.
So what I learned from the workshop is now compiled into a couple of simple steps – about how you file your tax returns.