Income Tax Return Process In Pakistan
If you are a first-time Income Tax filer, you must register before you can file your Income Tax Return.
Log into the official website of Iris to file your income tax return available on the internet. Iris is the online portal through which Income Tax Returns are filed.
After registering, you can access Iris and document your tax return. Those who have obtained a National Tax Number (NTN) or Identification Number but doesn't have access to Iris.
Income tax returns are the forms that assessees use to file information about their earnings and taxes with the Income Tax Department.
If a person files a late return, he or she will not be able to carry forth certain losses. As a result of all of this, you must file a tax return each year.
This process determines whether you owe additional taxes in addition to what you've just compensated to the federal government, or if you're due a refund of the taxes you've already paid.
You're almost definitely by now paying taxes if you have a regular paycheck. While your employer withholds and sends to the federal govt the taxes you owe on your income
Furthermore, you may be able to reduce the amount of taxes you owe and thus receive a refund on taxes by now paid by taking definite deductions or credits allowed by tax law.
On the other hand, you might have extra income that was not included in thier salary that you're legally obliged to report, which could lead in you owing more of it in taxes.
In Pakistan Sidekick.pk has launched a new platform where people can hire tax consultants online and can save lot of time and money.
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