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All e-filers are liable to file wealth statement; FBR withdraws Rs1 million threshold

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KARACHI: Each individual filing income tax return for tax year 2015 is required to file wealth statement as well. This condition has become mandatory after the withdrawal of threshold of Rs 1 million that was available in the past years. After this mandatory requirement salaried persons drawing annual income above Rs400,000 and Individual business persons having income Rs300,000 per year will file wealth statement along with income tax returns for tax year 2015. According to instructions of Federal Board of Revenue (FBR) the following persons are required to furnish a return of income for a tax year: (a) Every company; (b) Every person (other than a company) whose taxable income for the year exceeds PKR 400,000; (c) Every non-profit organization as defined in clause (36) of section 2; (d) Every welfare institution approved under clause (58) of Part I of the Second Schedule; (e) Every person who has been charged to tax in respect of any of the two preceding tax years; (f) Every pers...
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FBR e-Filing Helpline

FBR e-Filing Helpline e-filing Helpline provides assistance to public at large and taxpayers in particular by responding to their queries related to e-filing system started by FBR. The purpose of FBR e-filing Helpline is to resolve the day to day problems, issues regarding to e-filing system.  051-111-772-772 (9 am to 9 pm)  esupport@pral.com.pk
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FBR makes e-filing must for salaried persons

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KARACHI: In a bid to increase the number of income tax returns, the Federal Board of Revenue (FBR) has made mandatory for all salaried persons having taxable income to file income tax returns electronically from Tax Year 2015. Through SRO 791(I)/2015 issued on Tuesday, the Income Tax Ordinance, 2001 has been amended to make it mandatory for all individuals earning taxable income to file tax return electronically for the tax year 2015, for which the last date is August 31, 2015. Tax experts strongly criticised the move. They said salaried individuals were a soft target, and by forcing salaried persons for filing returns the tax authorities were trying to achieve their desired number. Earlier, the law required a person earning Rs500,000 per year to file tax return electronically. While salaried persons under threshold for income tax payment, ie Rs400,000 were also required to file returns, but it was not mandatory through e-filing. Muhammad Zubair, President, Kar...
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