At: Tax at source
Tax deducted, and claimed
Tax has been deducted at source during the year and you are not sure it has been claimed.
What we do
Reconciliation of tax deducted at source against the claim in the return.
Tax Returns & Planning
Every person with taxable income in Pakistan files an annual return through FBR’s IRIS portal, and most individuals file a wealth statement with it. Filing on time keeps you on the Active Taxpayers List, which affects the withholding rates banks and others apply to you. We prepare and file these returns, and look at the year ahead before it closes.
Where tax returns and planning come into play across the tax year
The points where this service comes into play are numbered.
- Stage 1Tax at sourceTax deducted on salary, bank transactions and bills through the year.1
- Stage 2Sales taxBusinesses registered for sales tax with FBR or a provincial revenue authority.2
- Stage 3Before 30 JuneWhat can still change before the tax year ends.3
- Stage 4The returnThe income tax return and wealth statement, filed in IRIS.
- Stage 5The wealth statementAssets and liabilities that must reconcile with last year’s.4
- Stage 6The Active Taxpayers ListAnyone who has dropped off the Active Taxpayers List and wants to return to it.
Numbered points are explained below.
The four points, explained
At: Sales tax
Sales tax that matches the return
Your sales tax returns are filed late or do not match your income tax return.
What we do
Sales tax returns to FBR, and to SRB, PRA, KPRA or BRA where you are registered with them.
At: Before 30 June
The cost before the decision
You want to understand the tax cost of a decision before you make it.
What we do
A planning conversation before the tax year ends, covering what can still change.
At: The wealth statement
A wealth statement that reconciles
Your wealth statement does not reconcile with last year’s.
What we do
Income tax return and wealth statement for individuals, filed in IRIS.
What the engagement includes
Request a proposal- Individual returns
The income tax return and wealth statement, filed in IRIS.
- Business returns
Returns for AOPs and companies, prepared from your accounts.
- Tax deducted at source
Tax deducted during the year reconciled to the claim in the return.
- Sales tax
Returns to FBR and, where you are registered, to a provincial authority such as SRB or PRA.
- Planning
A conversation before the tax year ends about what can still change.
- Something not listed?
Ask us, and we will tell you plainly whether it is work we can take on.
How it runs
Engagement and documents
We agree the returns in scope and send you a document list.
Preparation
We prepare the return, the wealth statement and the reconciliation of tax withheld, and raise any questions.
Your approval
You review the draft and approve it. Nothing is filed without your approval.
Filing
We file in IRIS or the provincial portal and send you the acknowledgement.
Planning
Before the next year closes, we review what has changed and what that means for the next return.
What is the Active Taxpayers List?
The ATL is FBR’s list of persons who have filed their income tax return. Being on it generally means lower withholding rates on many transactions. FBR publishes the list and you can check your status online.
I filed late. Can I get back on the ATL?
Yes. A late filer can be included in the ATL after paying the ATL surcharge set out in the Ordinance. The amount depends on whether you are an individual, an AOP or a company.
Do I need a wealth statement if I am salaried?
Section 116 requires individuals who file a return to file a wealth statement with it, with limited exceptions. We check whether any exception applies to you.
Who do I file sales tax returns with?
Sales tax on goods is federal and filed with FBR. Sales tax on services is provincial in most cases and filed with SRB, PRA, KPRA or BRA, depending on where the service is provided. Some businesses file with more than one.