Returns

Question 1

Who is required to file a return of income

Answer 1

1- every company

2- individual/AoP (whose taxable income for the year exceeds Rs. 600,000)

3- non-profit organization

4- person whose income is chargeable to tax under FTR

“Whose income is equal to or less than Rs. 600,000”
5- has paid tax in any of the 2 preceding tax years

6- claims a loss carried forward

7- own immovable property with a land area of 500 square yard or more , owns any flat (located in area falling in the municipal limits or cantonment or Islamabad capital territory)

8- immovable property in rating area with land area of 500 square yards or more

9- flat in rating area with covered area of 2000 square feet or more

10- motor vehicle with engine capacity above 1,000 CC

11- has obtained National Tax Number

12- holds commercial or industrial connection of electricity if annual bill exceeds 500,000

13- resident person registered with CA , ICMA , Engineer

14- resident individual required to file foreign income and assets statement

15- persons or classes of persons notified by the board (with the approval of the Minister in - charge)

16- Individual whose IFB exceeds 300,000 but does not exceeds 600,000

Question 2

A person has not filed return
1- In how many days to furnish?

Answer 2

Commissioner may, by notice, require him to file it within 30 days of date of service of notice.
Commissioner may allow a longer period or shorter period.

Question 3

A person has not filed return
2- For how many years to furnish

Answer 3

1- If a person has not filed return for any of the last 5 completed tax years then notice may be issued for one or more of the last 10 completed tax years.

2- If a person has filed return for any of the last 5 completed tax years then notice may be issued for any of last 5 completed tax years.

Question 4

A person has not filed return
3- If commissioner is satisfied that a person who failed to furnish return has foreign income or owns foreign assets

Answer 4

Time limit provided above shall not apply (Means return can be demanded for unlimited time)

Question 5

Can return once furnished be revised subsequently and what are the conditions attached thereto

Answer 5

• It is accompanied by approval by the commissioner , however this condition shall not apply if revised return is filed within 60 days of filing of return
• Further where the commissioner has not passed an order of approval for revision within 60 days it will be assumed that commissioner has given the approval
• No approval of the commissioner is required if taxable income declared is more than or the loss declared is less than determined u/s 120. and
• Taxable income is revised return is greater than the income determined in previous order issued by tax or appellate authority and
• Loss in revised return is less than loss determined in previous order issued by tax or appellate authority.

Question 6

Who declared Business bank account

Answer 6

Every taxpayer shall declare the bank account utilized by the taxpayer for business transactions

Business bank account shall be declared through original or modified registration form.