How to check if a person/firm is Tax-Filer or Not?

see page Web Site Just visit this page: FBR Online Taxpayer Search

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What is Income Tax?

الجيش خيار ثنائي Income Tax is the tax that you pay on your income. Income Tax is paid by wage earners i.e., salaried class, self-employed and non-incorporated firms. Income Tax is one of the important sources through which a government finances its activities. The personal income tax revenue is only 1.1% of GDP in Pakistan (11% of total tax revenues) and only 2% of working age population is registered as taxpayer.


Is Income Tax applicable on all of my income?

If your income is less than the exemption threshold of PKR 400,000 (whether you are a salaried or non-salaried individual), you don’t have to pay any income tax.


What are benefits of filing tax returns?

Saving tax with deductions. The most common type of tax benefit comes in the form of a tax deduction. When you claim a tax deduction, it reduces the amount of your income that is subject to tax. The amount of the deduction you are eligible to claim is precisely the amount of the reduction to your taxable income.

If the people do not file their taxes, a 15% dividend income will be extracted instead of 10% in case of paying taxes. The bank will charge 15% profit when tax return is not paid, instead of 10%. On cash withdrawal, about 0.5% will be deducted instead of 0.3%, if the tax return is not paid. On selling of property, 1% will be deducted instead of 0.5% if the tax return is not paid. When purchasing a property, 2% will be deducted instead of 1%, when tax returns are not paid.


What are the tax rates for salaried and non-salaried individuals?

Tax calculation has been rationalized in the current fiscal year and is made simpler as compared to last year. The current applicable tax rate for salaried workers and self-employed workers are as follows:

 

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1 Where the taxable income does not exceed Rs 400,000 0%
2 Where the taxable income exceeds Rs.400,000 but does not exceed Rs.500,000 2% of the amount exceeding Rs.400,000
3 Where the taxable income exceeds Rs.500,000 but does not exceed Rs.750,000 Rs.2,000+5% of the amount exceeding Rs.500,000
4 Where the taxable income exceeds Rs.750,000 but does not exceed Rs.1,400,000 Rs.14,500+10% of the amount exceeding Rs.750,000
5 Where the taxable income exceeds Rs.1,400,000 but does not exceed Rs.1,500,000 Rs.79,500+12.5% of the amount exceeding Rs.1,400,000
6 Where the taxable income exceeds Rs.1,500,000 but does not exceed Rs.1,800,000 Rs.92,000+15% of the amount exceeding Rs.1,500,000
7 Where the taxable income exceeds Rs.1,800,000 but does not exceed Rs.2,500,000 Rs.137,000+17.5% of the amount exceeding Rs.1,800,000
8 Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs.3,000,000 Rs.259,500+20% of the amount exceeding Rs.2,500,000
9 Where the taxable income exceeds Rs.3,000,000 but does not exceed Rs.3,500,000 Rs.359,500+22.5% of the amount exceeding Rs.3,000,000
10 Where the taxable income exceeds Rs.3,500,000 but does not exceed Rs.4,000,000 Rs.472,000+25% of the amount exceeding Rs.3,500,000
11 Where the taxable income exceeds Rs.4,000,000 but does not exceed Rs.7,000,000 Rs.597,000+27.5% of the amount exceeding Rs.4,000,000
12 Where the taxable income exceeds Rs.7,000,000 Rs.1,422,000+30% of the amount exceeding Rs.7,000,000
اسهم بنك الرجحي Tax Rates for Self-Employed Individuals
pop over to this website S.  N. http://asect.org.uk/?ilyminaciya=%D9%86%D8%B8%D8%A7%D9%85-%D8%A5%D9%86%D8%B0%D8%A7%D8%B1-%D8%A7%D9%84%D8%AE%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AB%D9%86%D8%A7%D8%A6%D9%8A%D8%A9&16f=f5 Taxable income http://gl5.org/?prikolno=%D9%85%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%A7%D9%84%D9%81%D9%88%D8%B1%D9%83%D8%B3-%D8%A7%D9%84%D9%85%D8%AD%D8%AA%D8%B1%D9%81&d22=e6 Tax Rate (%)
1 Where the taxable income does not exceed Rs.400,000 0%
2 Where the taxable income exceeds Rs.400,000 but does not exceed Rs.500,000 7% of the amount exceeding Rs.400,000
3 Where the taxable income exceeds Rs.500,000 but does not exceed Rs.750,000 Rs.7,000+10% of the amount exceeding Rs.500,000
4 Where the taxable income exceeds Rs.750,000 but does not exceed Rs.1,500,000 Rs.32,000+15% of the amount exceeding Rs.750,000
5 Where the taxable income exceeds Rs.1,500,000 but does not exceed Rs.2,500,000 Rs.144,500+20% of the amount exceeding Rs.1,500,000
6 Where the taxable income exceeds Rs.2,500,000 but does not exceed Rs.4,000,000 Rs.344,500+25% of the amount exceeding Rs.2,500,000
7 Where the taxable income exceeds Rs.4,000,000 but does not exceed Rs.6,000,000 Rs.719,400+30% of the amount exceeding Rs.4,000,000
8 Where the taxable income exceeds Rs.6,000,000 Rs.1,319,500+35% of the amount exceeding Rs.6,000,000

Is preferential tax treatment provided to some individuals? And on what basis?

The gross tax can be reduced by a certain limit if the salaried person is a senior citizen or a full time researcher or a teacher. In accordance with the Income Tax Ordinance, if your age is 60 years or more (or if you are a disabled person holding a National Database Registration Authority‘s Computerized National Identity Card for disabled persons) and your taxable income does not exceed PKR 1 million, you can qualify for a 50% reduction in the gross tax. Similarly, you can qualify for a reduction of 40% (earlier 75%) on gross tax if you are employed in a:

  1. A board of education or a university recognized by HEC, including government training and research institution
  2. Non-profit education or research institution duly recognized by HEC

http://asect.org.uk/?ilyminaciya=%D8%AA%D8%B9%D9%84%D9%85-%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%81%D9%88%D8%B1%D9%83%D8%B3&fae=34 Why a firm should get registered with FBR?

A firm should get registered with FBR and obtain its NTN as well as STRN to gain following benefits:

  • To participate in the tenders and to sign contracts with Government, Semi Government, Multinational and Taxpayer Private firms.
  • A Taxpayer Businessman/firm is bound to withhold 4.5% from registered taxpayer vendor and in case the vendor is not registered taxpayer then the withholding rate would be 10% of the total contract value, which is to be deposited in government treasury.
  • 5% deduction on the behalf of withholding taxes is claimable/adjustable/refundable at the financial year-end upon submitting the return by the Taxpayer firm whereas 10% deductions as withholding taxes are not claimable/adjustable at any stage and make an impact as a loss in Income Statement.
  • A taxpayer firm is bound to deduct 20% of the sales tax value from a registered tax payer vendor and same is to be deposited on the vendor’s behalf to government treasury whereas the vendor party will pay 80% of the sale tax value directly to government treasury and 20% is claimed which is deducted by the client firm. However, this 100% sale tax value is adjusted in the sales tax return in the output taxes, hence reducing the monthly sales tax payable. Whereas in case the vendor is Non-Registered, the taxpayer firm will deduct 1% of the contract value as sales tax and will deposit to government treasury, which is not claimable/adjustable by the vendor, and that 1% of the contract value is sheer loss.

افضل منتدي للاسهم السعودية What are the liabilities of a tax-registered firm?

A tax-registered firm has following responsibilities:

  • To submit sales tax return of the previous month before 21st of every month.
  • To submit income tax, return every year before 30th October in case of AOP and 31st December in case of Limited Company. However, FBR provides extensions every year in these dates.
  • To withhold the taxes as per announced rates by FBR from vendors for the purchase of raw material and assets for the business activities on monthly basis and submit its return.
  • To withhold the 20% of the sales tax amount from the vendor.
  • To deposit sale tax after adjusting (output sales tax – input sales tax) on monthly basis before 21st of each month for the previous month.
  • To deduct withholding on payroll of the employees as per slabs announced by FBR and deposit the deducted amount to government treasury every month with the monthly return.
  • To submit the return of assets purchased every month.

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