INSUBCONTINENT EXCLUSIVE:
For filing your Income Tax Return, the first step is to register yourself with the Federal Board of Revenue (FBR)
For Income Tax Registration, an individual can register online through IRIS Portal, whereas the principal officer of AOP (Association of
Person) and Company need to visit their Regional Tax Office (RTO) LOGGING INTO THE IRIS PORTALFile your Income Tax Return online by logging
IRIS is an online portal where the filing and submission of Income Tax Returns take place
If you are a first time Income Tax filer, registration will be mandatory for filing your Income Tax Return.After registering once, you can
log into IRIS and file your Income Tax Return
Individuals having obtained their National Tax Number (NTN) or Registration Number but do not have credentials to log into the portal can
get access by clicking on ‘E-Enrollment for Registered Person&
PASSWORD FOR IRIS LOGINYou can login to IRIS by entering your NTN or Registration Number and password, received through E-enrollment with
the Federal Board of Revenue (FBR).RESET PASSWORD: If you need to reset your password to gain access to the IRIS portal, you can click
‘Forgot Password& on the Iris login screen and enter all the data in the required fields.The code will be sent to your email address or
Enter this code in the provided fields
A new window will open in which you will be given the option to reset your password.CHANGE PASSWORD FOR IRIS: Your password can be changed
by logging into IRIS and clicking ‘Change Password& on the top right of the screen
Enter the required information in the dialog box opened.CHANGE PIN FOR IRIS: Your PIN can be changed by logging into IRIS and clicking
‘Change Pin& near the top of the screen
Enter the required information in the dialog box opened
COMPLETING INCOME TAX RETURNTo file your Income Tax Return online, you must complete the Return of Income form and Wealth Statement
(statement of assets - liabilities) form
To facilitate the taxpayers, the Knowledge Base portal provides step by step written and video guides on filing Income Tax Return and Wealth
Statement.Successful submission of Income Tax Return and Wealth Statement in IRIS is confirmed when both the forms have moved from the Draft
folder to Completed Task section
RECONCILIATION OF WEALTH STATEMENTWealth Statement will only be successfully submitted and reconciled if and when your current year wealth
has increased/decreased from the previous year wealth by the same amount as your income has increased/decreased from your expenses
Failure to reconcile wealth statement will disallow you to submit your Income Tax Return
FILING INCOME TAX RETURN AS A SALARIED PERSONTo facilitate salaried persons in filing their Income Tax Return, a declaration form 114(I) has
been provided Tax Authorities
The salaried person would need to complete the Declaration form 114(I) in order to successfully submit their Income Tax Return
Persons who are deriving income only from salary and other sources, where salary is more than 50% of Income can avail this form
REVISING THE INCOME TAX RETURNAn Income Tax Return can be revised within five (5) years of being originally filed to correct any omission or
wrong statement discovered later on
In order to revise the Income Tax Return filed, the individual has to file an application for revision in IRIS
After approval of your application, you can file a revised Income Tax Return in IRIS portal
REVISING THE WEALTH STATEMENTA Wealth Statement (statement of assets and liabilities) can be revised in IRIS before receipt of the notice
under sub-section (9) of section 122 of the Income Tax Ordinance 2001 without the need to file an application seeking approval for revision
FILING INCOME TAX RETURN AFTER DEADLINETo file your Income Tax Return online after the deadline, you would still have to complete the filing
of the Income Tax Return as described above
RECORD KEEPING FOR INCOME TAX RETURNPersons having taxable income are bound to keep Income Tax Return records for a minimum of six (6) years
PERSONS OBLIGATED TO FILE THE INCOME TAX RETURNYou might be obligated to file your Income Tax Return if you fall under a certain category
slab for as per your salary or have income up to a certain threshold
CREDITS, REBATES AND EXEMPTIONS FOR INCOME TAX RETURNYou can avail Tax Credits, Rebates and Exemptions only if you are an Active Taxpayer
PRIVACY OF PERSONAL INFORMATIONYour personal information shared by you will not be disclosed to anyone except the tax officials
PENALTY FOR NOT FILING INCOME TAXBy not filing your Income Tax Return in spite of having taxable income, you will be liable to the penalty
and prosecution under the provisions of the Income Tax Ordinance 2001.TheIndianSubcontinent has not verified the content of the source
This first appeared/also appeared in
https://feedproxy.google.com/~r/com/YEor/~3/wx0xM7h59Y0/516807-how-to-file-your-income-tax-return-in-pakistan-user-guide-for-filing-tax-retu
