FBR launches campaign to ensure return filing by due date

KARACHI: The Federal Board of Revenue (FBR) has launched a campaign to ensure the taxpayers file their annual return of income for tax year 2022 by due date.

The FBR sent emails to registered taxpayers to comply with the mandatory requirement under Income Tax Ordinance, 2001.

“As a responsible citizen, you need to make sure that you file your Income Tax Return every year. This is a moral duty of every Pakistani, FBR prompts you to file your Income Tax Return for Tax Year 2022 today,” according to an email sent to a taxpayer.

“Filing one’s Income Tax Return is mandatory legal obligation that we must endeavor in order to serve our country better. Let’s join hands for a prosperous and self-reliant Pakistan,” the FBR added.

The FBR reminded the taxpayer that the last date for filing Income Tax Returns for Tax Year 2022 is September 30, 2022.

According to the Income Tax Ordinance, 2001, the taxpayers included salaried persons, business individuals, association of persons (AOPs) and companies other than having account year July to June are required to file the return of income.

The corporate entities having financial year July 01 to June 30 are required to file their income tax returns by December 31 every year.

The FBR through SRO 978(I)/2022 dated June 30, 2022 issued income tax return form for tax year 2022 giving statutory time to taxpayers for making compliance in filing of return.

Section 14 of Income Tax Ordinance, 2001, highlighted the categories of taxpayers, who are required to file their annual return of income and wealth statement.

According to Income Tax Ordinance, 2001, class of taxpayers are required to file return of income: — every company;— every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year; — any non-profit organization as defined in clause (36) of section 2; — every person whose income for the year is subject to final taxation under any provision of this Ordinance; -Any person not covered by above clauses are also required to file return of income who,—

(i) has been charged to tax in respect of any of the two preceding tax years;

(ii) claims a loss carried forward under this Ordinance for a tax year;

(iii) owns immovable property with a land area of five hundred 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 areas in a Cantonment; or the Islamabad Capital Territory;

(iv) owns immoveable property with a land area of five hundred square yards or more located in a rating area;

(v) owns a flat having covered area of two thousand square feet or more located in a rating area;

(vi) owns a motor vehicle having engine capacity above 1000 CC;

(vii) has obtained National Tax Number; or

(viii) is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand;

(ix) is a resident person registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan; or

(x) is a resident person being an individual required to file foreign income and assets statement under section 116A.