NTN, FBR, Tax Returns, Confusion, Information, Help

[rusty47]

Salam Guys,

I hope everyone here doing well. I just registered myself on FBR portal for NTN, as a salaried person. I would like to know what can I do from here On.

- A while back Govt introduced a Tax of 3% on foreign transaction for non filers and 1% for filers. Now I am registered tax payer, so does this mean I will be paying 1% Tax, and How I will know this? or Does I have to inform my Bank about this?

-Dose the filing return is absolutely necessary. What if a person do not want the returns?

Please If anyone here have information on these matters let me know!

thanks in advance.

 

[sladis]

Afaik, you don't need a NTN unless you're operating a business... You can file returns under your CNIC too... You should file returns so that you're a filer, which means you've paid your taxes and your wealth is accumulated through legal means...

The negative is that the wealth statement is a pain and if you put in approximate numbers, your opening yourself to an audit...

 

[Shary Bhallu TC]

How do I file my tax? I have zero idea on this. School didn't teach me anything about taxes :ripped:

 

[haroonshaikh]

Being a salaried person, filing tax is easy stuff. You just need to understand few items. which is very easy
Pls note tax filing year is from July to Jun every year. Tax filing date for Jul-17 to Jun-18 has been closed and you cannot file for it NOW.
Tax filing for Jul-18 to Jun-19 will only open after Jun-19.
As of now, you cannot file for the last year. However, if you contact with some FBR people they might have some way around.

Some data you should have before filing of income tax
1. Every trace of money you have on 1st Jul-18 and 30th June-19 (Cash, bank balances, funds, investments, personal assets, vehicles, property, etc)
2. Letter/Receipt from employer of the amount they have deducted from your salary and been depositing as income tax in national bank
3. Expenses you have done for the whole year (estimate only)

 

[rusty47]

Thanks for the input everyone. It seems as a salary person, we don't have much benefits from this. We will be paying what every taxes they want to take.
Well Insha Allah I will try to file returns of 2019, and will see where it goes.

How do I file my tax? I have zero idea on this. School didn't teach me anything about taxes :ripped:

You can file returns online on IRIS, have a look at this video! it will give you some information.
https://www.youtube.com/watch?v=eDngxcqqKrU&t=521s

 

[koreye789]

If you need a lawyer or tax consultant, let me know. I myself am a lawyer but filing taxes with my family since the last 2 years. My number is 03022871326. I can refer to a tax consultant.