ISLAMABAD: The filing date for the annual tax return for the 2022 tax year expires on September 30, 2022, official sources told PkRevenue.com on Saturday.
Senior Federal Board of Revenue (FBR) officials said all taxpayers other than corporate taxpayers are required to file an annual tax return for the 2022 tax year by September 30, 2022.
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They specified that taxpayers, in particular employees, natural persons, associations of persons (AOP) and companies other than those with an accounting year from July to June are required to file the tax return.
Legal persons with a fiscal year between July 1 and June 30 are required to file their tax return no later than December 31 of each year.
The FBR, through SRO 978(I)/2022 dated June 30, 2022, has issued a tax return form for the 2022 tax year, providing taxpayers with a statutory deadline to comply with the filing of the statement.
Section 14 of the Income Tax Ordinance 2001 has highlighted the categories of taxpayers who are required to file their annual income tax return and asset declaration.
READ MORE: Who has to file tax year 2022 return in Pakistan?
According to the Income Tax Order 2001, the following categories of taxpayers are required to file an income tax return:
— each company
— any person (other than a corporation) whose taxable income for the year exceeds the maximum amount which is not taxable under this Ordinance for the year
— any non-profit organization as defined in paragraph (36) of section 2;
— any person whose income for the year is subject to final tax under any of the provisions of this Ordinance
Anyone not covered by the above clauses is also required to file a tax return which,—
(i) has been subject to tax in respect of either of the two
previous taxation years;
(ii) claims a loss carried forward under this order for a taxation year;
(iii) owns real estate with an area of five hundred square meters or more or owns an apartment located in areas within the municipal boundaries existing immediately before the coming into force of local government laws in the provinces; or areas of a cantonment; or the Islamabad Capital Territory;
(iv) owns a building five hundred square yards or more in a listing area;
(v) owns an apartment having a covered area of two thousand square feet or more located in a listing area;
(vi) owns a motor vehicle with a cylinder capacity greater than 1,000 cc;
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(vii) has obtained the national tax number; Where
(viii) has a commercial or industrial electricity connection whose annual bill exceeds five hundred thousand rupees;
(ix) is a resident person registered with any chamber of commerce and industry or business or trade association or market committee or professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; Where
(x) is a resident person being an individual required to file a foreign income tax and asset return under Section 116A.
The FBR stated that the filing of the income tax return is also compulsory for persons or categories of persons notified by the Council with the approval of the responsible minister.
He further stated that income declaration is also compulsory for anyone whose income under “Business Income” exceeds three hundred thousand rupees but does not exceed four hundred thousand rupees in a tax year. is also required to provide an income tax return for the tax year.
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