Individual Income Tax Return Filing in Pakistan
Filing an individual income tax return with the Federal Board of Revenue requires far more than copying numerical figures into Iris. It demands a fully reconciled wealth statement where your reported assets, liabilities, and living expenses match your declared net inflows.
Who Is Legally Required to File a Tax Return
Under Section 114 of the Income Tax Ordinance, 2001, filing an annual return is mandatory if you meet any of the following statutory criteria:
- Your annual taxable income exceeds the minimum threshold of PKR 600,000.
- You own immovable property with land area of 500 square yards or more in a rating area.
- You own a flat or apartment located in municipal limits or Cantonment jurisdiction.
- You own a motor vehicle with engine capacity exceeding 1000cc registered in your name.
- You are enrolled on the National Tax Number register as a business individual.
What S.M. Tax Consultancy Delivers
Iris Return Preparation
We accurately categorize all your declared revenue under appropriate heads of income, including salary, property, business, capital gains, and other sources.
Wealth Statement Reconciliation
Under Section 116, we construct an itemized wealth reconciliation sheet ensuring current assets minus previous assets equals reported inflows minus declared expenditures.
Withholding Tax Verification
We collect and reconcile adjustable tax deductions across bank cash withdrawals, utility bills, vehicle token taxes, educational fees, and property transactions.
Active Taxpayer List (ATL) Confirmation
Once submitted, we verify your status on the official FBR Active Taxpayers List so you immediately benefit from standard lower withholding rates across Pakistan.
Submitting an unbalanced wealth statement on FBR Iris is the most common reason taxpayers receive notices under Section 122 or Section 214C. Our consultants ensure every rupee of net asset movement is accounted for before filing.
Schedule Your Individual Tax Filing Review
Send your income details and prior year filing records to our advisors for a complete assessment and draft review.