How to File Income Tax Return in Pakistan 2024
By Salman Khan
If you are responsible citizens in Pakistan, then it is crucial for you to file your income return, whether you are an individual or a business entity.
Federal Board of Revenue (FBR) is a state entity that is responsible collect tax from taxpayers.So, it is important to understand the accurate filing process.
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FBR provides a comprehensive resources to guide you how to file income tax return in Pakistan.
You will be required to fill out both the Return of Income form and the Wealth Statement, detailing your assets and liabilities.
The FBR’s Iris portal is the primary platform to submit forms.If you are going to file income tax return for first time, you will be required the registration on Iris.
The FBR’s Knowledge Base Portal provide you lost of resources assist taxpayers, including detailed written guides and video tutorials.
First step will be to gather the necessary documents for compliance. Whether you are a salaried individual, a business owner, or a non-resident with Pakistani income, you will have to follow guidelines to file income return in correct way.
Here is a step by step guide to file income tax return.
Logging into Iris
If you are going to file your income tax return,Iris is the online portal where you can file your Income Tax Returns.
In an order to file your Income Tax Return online, log in to Iris.
If you are filing your Income Tax Return for the first time, you will need to complete registration before you can proceed.
Once you are registered, you can log in to Iris to file your return. If you have a National Tax Number (NTN) or Registration Number but lack credentials for Iris, you can gain access by clicking on ‘E-enrollment for Registered Person’.
Password for Iris Login
E-enrollment with the Federal Board of Revenue (FBR) provides you with an NTN or Registration Number and a password. You can log in to Iris using these credentials.
Resetting Your Password
If you need to reset your password, click ‘Forgot Password’ on the Iris login screen. Enter the required information in the fields provided. Codes will be sent to your email address and mobile number. Enter these codes in the respective fields. A new window will open, allowing you to reset your password.
How to Change Your Iris Password
To change your password, log in to Iris and click ‘Change Password’ at the top right of the screen. Enter the necessary information in the dialog box that appears.
Completing Your Income Tax Return
In an order to complete your online Income Tax Return, you must fill out the Return of Income form and the Wealth Statement (statement of assets and liabilities) form. Video tutorials are available to assist taxpayers in filing their Income Tax Return. Additionally, the Knowledge Base portal offers step-by-step written and video guides on filing both the Income Tax Return and Wealth Statement.
The successful submission of your Income Tax Return and Wealth Statement in Iris is confirmed when both forms move from the Draft folder to Completed Tasks.
Reconciliation of Wealth Statement
Your Wealth Statement will be considered successfully submitted only if the current year’s wealth change matches the income exceeding or falling short of expenses. Failure to reconcile your Wealth Statement will prevent the submission of your Income Tax Return.
Salaried Persons – Income Tax Return
To assist salaried individuals in filing their Income Tax Return, Declaration Form 114(I) is available. Salaried persons deriving income only from salary and other sources, with salary constituting more than 50% of their total income, can use this form.
How to Change Your Iris PIN
To change your PIN, log in to Iris and click ‘Change PIN’ near the top of the screen. Enter the required information in the dialog box that appears.
How to Revise Your Income Tax Return
An Income Tax Return can be revised within five years of the original filing to correct any omissions or errors. To revise your return, file an application for revision in Iris. Once approved, you can submit the revised Income Tax Return.
How to Revise the Wealth Statement
A Wealth Statement can be revised in Iris before receiving a notice under sub-section (9) of section 122 of the Income Tax Ordinance, 2001, without needing to file an application for approval.
Filing Income Tax Return After the Deadline
If you file your Income Tax Return after the due date, you must still complete the filing process as described above.
Record Keeping for Income Tax Return
Individuals with taxable income are required to keep records of their Income Tax Return for six years.
Privacy of Personal Information
Failure to file your Income Tax Return despite having taxable income may result in penalties and prosecution under the Income Tax Ordinance 2001. Your personal information is kept confidential and is disclosed only to tax officials.
