Services
Income Tax Registration
Documents Required
As per the Income Tax Ordinance applicable in Pakistan following persons are liable to be registered in Federal Board Revenue (FBR).
- Every Company.
- Person whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year.
- Non-profit organization.
- Person whose income for the year is subject to final taxation under any provision of this Ordinance.
- Person 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.
- Person owns immoveable property with a land area of five hundred square yards or more located in a rating area.
- Person owns a flat having covered area of two thousand square feet or more located in a rating area.
- Person owns a motor vehicle having engine capacity above 1000 CC.
- Person is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand.
- Person 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
- Every individual whose Income from business exceeds rupees three hundred thousand in a tax year
The above-mentioned persons are required to register under the Income Tax Ordinance. If anybody is required to registered and does not register himself, he has to face the following consequences;
- Double of Withholding Taxes
- In case of Purchase of Property rate of tax will be 12 to 20% based on the fair market value of the Property
- In case of sale of Property rate of tax will be 10%
- In case of Manufacturer, Distributor, Wholesaler, or commercial Importer of All sectors rate of tax will be 2.5%
The registration and as well as the e-enrollment with the FBR requires the following documents.
This registration ensures proper identification by tax authorities, allowing individuals or businesses to file tax returns, make tax payments, and avail any eligible tax benefits or exemptions. For registration and e-enrollment you may contact us.
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