Individual income tax is charged each year on all the income of a person, if it was resident or non-resident, which accumulated over a period of time. An individual is liable to file a return of tax to the authorities on a financial year basis, from 1 July to June 30. But if a person is filing for a revised return of tax, he needs the approval of the Commissioner.
Each resident taxpayer is required to file a return of income and he is required to file a wealth statement along with the return of income. If there is a need for revision of the wealth statement, intimidation has to be filed with the Commissioner, who has the authority to reject it. It can be done on the basis of the opinion of the Commissioner that the same has not been done to correct the bona fide errors. The taxpayer can file a review of the wealth statement for a period of five years. Persons having a salary greater than Rs.500,000 can e-file the return of income.
Annual Income Tax Filing- Salaried
Rs. 2,500
Requirements:
Completion Time: 3 – 5 Working Days
- Annual Salary diploma
- Other Revenue sources if any
- Annual individual expenditure
- Particulars of all possessed possessions
- Assets during the year
- Clearances during the year
- Other inflows/outflows during the year
- Other info which is needed
Annual Income Tax Filing- Sole Proprietor
Minimum Fee: Rs. 5,000 (Actual Fee will depend on the turnover and nature of business activity)
Requirements:
Completion Time: 3 – 5 Working Days
- Annual Accounts
- Other Salary sources if any
- Annual personal expense
- Facts of all owned assets
- Savings during the year
- Clearances during the year
- Other inflows/outflows during the year
- Other info as required
Annual Income Tax Filing – Partnership/PVT Company
Minimum Fee: Rs. 10,000(Actual Fee will depend on the turnover and
nature of business activity)
Requirements:
Completion Time: 5 Working Days
- Annual Audited Accounts
- Taxes subtracted at cause
- Other info as required
Individual:
NTN Registration – Salaried
Requirements:
- Coloured copy of CNIC
- Latest paid power bill
- Phone Number
- Email address
NTN Registration – Business
Requirements:
- Colour copy of CNIC
- Rent contract/possession docs of Office buildings
- Letterhead
- Latest paid energy bill
- Telephone Number
- Electronic mail address
NTN Registration – Partnership or AOP
Requirements:
- Partnership Deed
- Partnership registration certificate
- Approval of principal Officer
- Colour copy of CNICs of Associates
- Rental contract/possession docs of Workplace location
- Letterhead
- Latest salaried current bill
- Telephone Number
- Email address
NTN Registration – Company
Requirements:
- Incorporation Certificate
- Memorandum & Articles of Association
- Partnership registration certificate
- Approval of principal Officer
- Colour copy of CNICs of Associates
- Rent agreement/ownership docs of Office premises
- Letterhead
- Newest salaried electricity bill
- Telephone Number
- Email address
