As the tax season approaches, it’s essential to understand how to file your income tax returns with the Federal Board of Revenue (FBR) in Pakistan. Filing your tax returns on time ensures compliance with tax laws and avoids potential penalties. This guide will walk you through the process of filing your FBR income tax returns in 2024.
Step 1: Gather Required Documents
Before you start the filing process, ensure you have all the necessary documents:
- National Tax Number (NTN): Your NTN is essential for tax filing. If you don’t have one, register through the FBR’s IRIS portal.
- CNIC: Your Computerized National Identity Card (CNIC) number is needed for identification.
- Bank Statements: Collect bank statements for the tax year you are filing.
- Income Proof: This includes salary certificates, business income records, and other income sources.
- Expense Records: Gather utility bills, rent receipts, and medical bills for deductions.
- Investment Proofs: Any documents related to investments made during the year.
- Previous Year’s Tax Return: If applicable, keep last year’s return handy for reference.
Step 2: Register on FBR’s IRIS Portal
To file your returns, you need to be registered on the FBR’s IRIS portal:
- Visit the IRIS FBR Portal.
- New users should click on “Registration for Unregistered Person” to create an account.
- Log in using your credentials once registered.
Step 3: Login to IRIS Portal
Use your NTN/CNIC and password to access the IRIS portal, where you can find various forms and tools for filing your tax return.
Step 4: Select the Appropriate Return Form
Choose the correct form based on your income source:
- Salaried Individuals: Use “Form 114(I)”.
- Business Individuals: Use “Form 114(II)”.
- Select the relevant tax year.
Step 5: Fill Out the Form
Carefully enter the required information:
- Personal Details: Update your personal information as needed.
- Income Details: Report all income from salary, business, property, and other sources.
- Tax Deductions: Include any advance tax payments or deductions at source.
- Exemptions and Tax Credits: Declare any exemptions or tax credits you’re eligible for.
- Assets and Liabilities: Report your assets, including property, vehicles, and bank accounts.
Step 6: Calculate Tax Liability
The IRIS portal automatically calculates your tax liability based on the information provided. If tax is payable, generate a Payment Slip ID (PSID) for payment.
Step 7: Submit the Return
After reviewing your form, submit it through the portal. You’ll receive an acknowledgment receipt upon successful submission, which you should save.
Step 8: Payment of Tax (if applicable)
If there’s any tax payable, make the payment using the PSID through a designated bank or online banking.
Step 9: Print and Save the Return
Download and print a copy of your return and acknowledgment receipt for your records.
Step 10: Monitor Your Return Status
Log in to the IRIS portal periodically to track the status of your return and ensure everything is in order.
Why Timely Filing is Important
Filing your income tax returns on time not only ensures that you are in compliance with FBR regulations but also avoids penalties and fines. It’s advisable to start the process early and seek professional assistance if necessary.
By following this comprehensive guide, you can efficiently file your FBR income tax returns for 2024, ensuring a smooth and hassle-free process.
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