Income Tax Returns – Definition According to FBR Pakistan
According to the Federal Board of Revenue (FBR) of Pakistan, “an income tax return is a formal document used by individuals, firms, and businesses to declare their annual income, expenses, tax deductions, and payable tax for a specific fiscal year”. According to Pakistan’s Income Tax Ordinance 2001, everyone who generates taxable income or falls into a mandatory filing group is legally bound to file an income tax return.
FBR uses/judges “these returns” to evaluate the taxpayer’s income, validate(verifies) that taxes have been paid, and determine whether more taxes are owed or refundable. The income tax return includes salary income, corporate income, rental income, capital gains, abroad income, and other financial data. Tax return also indicates if the tax already paid and deducted. Tax can be advance tax, withholding tax & tax adjustments allowed by/under FBR rules.
Income Tax Returns ensures that filer name remains on the Active Taxpayers List (ATL) which facilitate and allows to avail all benefits such as reduced withholding tax rates, legal protection and other financial transparency. At United Law Associates (ULA), we are specializing with experience of more than 15 years, in preparing and filing of accurate, compliant and in time “Income Tax Returns” for individuals, salaries persons, freelancers, business owners, partnerships and companies.
Our experienced professionals and legal team, with years of expertise, ensures that every case and return is filled in accordance with FBR laws & regulations. Our professionals, carefully evaluate & analyze, customers financial data, apply eligible tax credits with applicable exemptions to minimize tax liability while ensuring full legal compliance.
ULA, is bound to provide and serve with end-to-end guidance, from initial documentation to filing and post submission support. Our goal is simple: to help you stay compliant, avoid penalties, secure maximum benefits, and maintain a strong financial profile with FBR Pakistan.
