Income Tax return 2015 in Pakistan/how to file tax return in Pakistan by IBC

1. Income Tax Return 2015
for Salary Class
Presentation
BY: Syed Muhammad Jawwad-ACMA
Partner-Taxation and Corporate Affairs
Insight Business Consultants
Cost and Management Accountants
www.ibcs.com.pk
jawwad@ibcs.com.pk
03212271302,02134381881-2

2. • Obligation to file Income Return
• Penalty for Non Compliance
• Filer vs. Non Filer
• Documents Required to file Income Tax Return
• Salary Case Scenario
• E Registration & Enrollment
• IRIS Login
• Salary Tax Return 2015
• Wealth Statements
• Video
• Questions/Answers
Presentation Plan

3. Obligation to file income
tax Return
• Every company
• every person (other than a company) whose taxable income for the year exceeds
the maximum amount that is not chargeable to tax under this Ordinance for the
year; [or]]
• Any non-profit organization as defined in clause (36) of section 2; [ ] ]
• Any welfare institution approved under clause (58) of Part I of the Second
Schedule;]
• Any person has been charged to tax in respect of any of the two preceding tax
years;
• Claims a loss carried forward under this Ordinance for a tax year;
• owns immovable property with a land area of two hundred and fifty square yards
or more or owns any flat located in areas falling within the municipal limits
existing immediately before the commencement of Local Government laws in the
provinces; or areas in a Cantonment; or the Islamabad Capital Territory

4. Obligation to file Income tax Return
• owns immoveable property with a land area of
five hundred square yards or more located in a
rating area.
• owns a flat having covered area of two thousand
square feet or more located in a rating area;]
• owns a motor vehicle having engine capacity
above 1000 CC; [ ] ]
• Has obtained National Tax Number

5. Obligation to file Income tax Return
• is the holder of commercial or industrial
connection of electricity where the amount of
annual bill exceeds rupees [five hundred
thousand]
• is [a resident person] registered with any
chamber of commerce and industry or any trade
or business association or any market committee
or any 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

6. PENALITY OF NON FILING
RETURN
− 182. Offences and penalties.—
− Where any person fails to furnish a return of income as
required under section 114 within the due date.
− Such person shall pay a penalty equal to 0.1% of the tax
payable in respect of that tax year for each day of default
subject to a maximum penalty of 50% of the tax payable
provided that if the penalty worked out as aforesaid is
less than twenty thousand rupees or no tax is payable for
that tax year such person shall pay a penalty of twenty
thousand rupees]

7. PENALITY OF NON FILING
RETURN
• 182. Offences and penalties.—
• Where any person fails to furnish wealth statement or
wealth reconciliation statement.
• Such person shall pay a penalty of Rs. 100 for each day
of default.

8. FILER VS NON FILER
• The person whose name is appearing in the list
as an "Active Tax Payer" issued by the Federal
Board of Revenue shall be considered as a filer;
also a person holding a "Taxpayers' Card".
• Non filers while non-filers means a person who
is not a filer of income tax Return.
• Non filer has to pay huge taxes

9. Documents Required to file
Income Tax Return
• Employee Tax Deduction Certificate
• Capital gain Tax Certificate
• Mobile Tax deduction Certificate
• Personal Expenses Detail
• Bank Statement
• Assets and liabilities Detail
• Withholding Tax Deduction Certificate

10. Practical Section
• Salary Case Scenario
• E Registration & Enrollment
• IRIS Login
• Salary Tax Return 2015
• Wealth Statements
• Video
• Questions/Answers