Tax Lawyer in Pakistan – File your Income tax Return

Are there additional taxes you must pay as a non-taxpayer? Do you need to file for a tax refund or do you want to become a taxpayer in order to lower your tax bill? Do you have so little free time that you can’t even think about answering tax notices?
  1. When you register, purchase, or transfer a car, you can be required to pay an additional tax if you don’t file a tax return. Additionally, the cost of buying and selling the property will be subject to two taxes.
  2. Non-consolidated entities are additionally liable to double taxes on their commercial activity (e.g., providing services, selling goods, entering into contracts).
  3. You must register as a taxpayer to prevent double taxation.
  4. By filing an annual income tax return and a wealth tax return, a person becomes a taxpayer if their name appears on a legitimate list of taxpayers.

Steps to Follow
Register for IRIS

Create an account with IRIS, the online tax portal, and submit your tax return there.
Before you may file your tax return if you are a first-time filer, you must register.
You can access Iris to finish your tax return once you’ve registered. Click on “E-registration for registrants” to access itif you have
received a National Tax Number (NTN) or Registration Number but lack the login details to register with IRIS.

IRIS Access Password

When you register online with the Federal Board of Revenue (FBR), you will be given a National Taxpayer Number (NTN) as well as a
password to keep your information secure. To log in to Iris, you must provide your Registration Number or NTN and your password.

Reset your Password

If you need to change your Iris login password, you can do so by selecting “Forgot Password” on the login screen. Please fill out all fields that are needed. Your email address and mobile phone number will receive a code. Fill out the required field with the code. You can reset your password in a new window that will open.

Change your IRIS Password

By login into IRIS and selecting “Change Password” in the top right corner of the page,
you can update your password. Input the necessary data in the dialogue box that appears.

Preparing your Tax Return

You must prepare a tax return and a wealth declaration in order to finish your tax return online (statement of assets and liabilities).
The FBR Knowledge Base webpage offers video lectures and step-by-step instructions for completing income and wealth tax forms to help taxpayers. Both forms have been correctly accounted for once they have been transferred from the Iris Drafts folder to the Completed Tasks folder.

Reconciliation of Wealth Tax Returns

An estate tax return can be filed successfully if the amount of income is greater than or equal to the number of costs, and the value of the assets has either increased or reduced by the same amount from the previous year. A tax return cannot be submitted if an estate tax return has not been filed.

Employees: Income Tax Return

The 114(I) Declaration Form has been established to facilitate the reporting of income by employees. The 114(I) Declaration Form is used for tax purposes and must be filled out by employees. Those whose primary source of income is an allowance or other non-wage source that contributes more than half of their total income can utilize this form.

Changing the IRIS PIN

For the purpose of making the reporting of to modify the PIN, navigate to “Iris” and select “Change PIN” from the menu that
appears at the top of the screen. In the new dialogue box that has opened, provide the information that is necessary.

Putting Together the Income Tax Return

Within the first five years after the first filing of tax returns, taxpayers have the opportunity to amend such returns in order to rectify omissions or errors that were subsequently uncovered. If you need to make changes to a tax return that has already been submitted, you must send Iris your modified return. After it has been authorized, you will be able to submit an amended return to IRIS.

Return on Taxes, Amended

Until the notice needed by Section 122(9) of the Income Tax Regulations, 2001 is received, changes to capital assets (statement of assets and liabilities) can be made in Iris without requesting approval of the amendment. This is possible even though approval of the alteration is required.

Why Do You Rely on the US?

Our team of highly trained professionals at Taxi Lawyer in Pakistan is aware that many individuals have hectic schedules and are unaware of how to properly complete their tax returns. Our Taxi Lawyer in Pakistan provides this service at no additional cost to their clients, so there is no need for concern on your part. Please get in touch with us, and we will do everything in our power to help.

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