Who Should Furnish a Return?

It is necessary for the following persons to furnish the return of income:

(a) every person whose total income during the tax year exceeds maximum amount that is not chargeable to tax;

(b) every company irrespective of its income;

(c) any non-profit organization;

(d) any approved welfare institution;

(e) any person who has been charged to tax for any of the two tax years immediately preceding the previous tax year, any person who claims a loss carried forward from a previous tax year,

(g) any person who owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces, or in Cantonment or the Islamabad Capital Territory,

(h) any person owning 500 yards or above immoveable property in a rating area;

(1) any person who a flat with covered area of 2,000 square feet or more located in a rated area; any person who owns a motor vehicle having engine capacity above 1,000 cc;

(k) any person who has obtained a National Tax Number.

の Any person holding commercial or industrial connection of electricity where the annual bill exceeds Rs. 10,00,000. the (m) Every businessman whose income is more than Rs. 3,00,000 but less than Rs. 3,50,000 for the tax year.

Section (g) above, however, will not be applicable, ie they are not required to file the return if they belong to any of the following categories:

1. A widow.

2. An orphan below the age of 25 years.

3. A non-resident person.

4. A disabled person.

Requirements of a Return

(a) It should be in the prescribed form and must accompany all the required annexures, statements or documents.

(b) All the particulars and information including a declaration of the record

kept by the taxpayer should be provided in the return.

(c) The evidence of tax paid as per return of income should be attached. (d) If the declared income is above Rs. 10,00,000, the wealth statement and

wealth reconciliation statement should be attached.

(e) In case of individuals it must be signed by the person or his

representative if allowed under the law.

. The return of income can be filed electronically on the web or any magnetic media or any other computer readable media specified by the Board.

Return of Salaried Persons

[Section 115]

If the total income of a taxpayer in a tax year consists of income from salary and the amount is less than Rs. 5,00,000, in his case the “Annual Statement of Deduction of Income Tax from Salary” filed by his employer shall be treated as a return of income. In such cases the employee is not required a separate return of income.

However, if the salary income for the tax year Dfa Ho is Rs. 5,00,000 or more the taxpayer shall file the return of income electronically in the prescribed form. Such a return should accompany proof of deduction or payment of tax and wealth statement along with a reconciliation statement of wealth.