We provide the best and affordable online income tax & sales tax services in Lahore with dedicated efforts of our qualified and experienced team.
What We Do
Income Tax Return Filing
Sales Tax Return Filing
Online Income Tax and Sales Tax Services in Lahore
Who Needs To File Income Tax Returns in Pakistan?
Following is a list of persons that are required to submit an Income Tax Return for a tax year under Income Tax Ordinance (2001). Check if you fall into any of these categories.
- Every registered company in Pakistan
- An individual (other than a company) who has a taxable income exceeds the minimum limit, which is Rs. 400,000/- (Four Hundred thousand Rupees only)
- A non-profit organization commonly called NPO
- A welfare institution.
- An individual who is the owner of immovable property with a specific area (two hundred and fifty square yards or more)
- Every individual who is the owner of Motor Vehicle above 1000 CC Engine capacity.
- Every individual who has a National Tax Number
- Every individual which owner of commercial or industrial electricity connection.
Benefits of Income Tax Return filing in Pakistan
- Proof of business registration
- Help to avoid Penalties
- Claim Tax Refunds
- Proof of Legal Income and Address
- Helpful in Easy Loan processing from banks
- Helpful during Application of visa processing for reconciliation of income
- Carry forward losses
What is Wealth Statement?
Every Resident Person needs to submit his Wealth Statement along with reconciliation for that particular year under which he is filing Income Tax Return. Particulars of Wealth Statement includes,
- Personal Assets and Liabilities of an Individual.
- Assets and Liabilities belong to Spouse, children, and Minors. In case the person got Dependent his/her Assets and Liabilities as well.
- Gifted assets, sold, or transfer during the year to any other person during the particular Tax Year.
- Detail of total expenses spent by Person, Wife, Children’s, and Dependents during the Particular year
- The Reconciliation of Wealth with the previous year and income of the current year.
Income Tax Due Dates
|Individual & AOP/ Firms||On or before 30th September|
|Company||On or before 31st December|
|Company having a special tax year||On or before 30th September|
The Penalty for Non-Filing Income Tax Return and Wealth Statement
|Income Tax Return||Rs. 40,000|
|Wealth Statement||Rs. 100,000|