filing of annual income tax return

8/3/2019 Filing of Annual Income Tax Return

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Assessee means a person who is being assessed for the purpose of determining taxliability etc.

Deemed Assessee is a person who is deemed to be an assessee as per IT law and rulesand who is now liable to file the tax return.

FILING OF ANNUAL INCOME TAX RETURN (AOP &Company)After preparation and completion of annual income-tax return, it will bedeposited along with a copy of tax payment challan, with the respectiveincome tax department

In the case of an AOP with a tax year ending any timebetween the first day of January and the thirtieth day of June, on orbefore the thirty first day of December next following the end of the tax year to which the return relates; or In any other case on or before of Sept 30 th of the respectiveyear.

A detail of income tax offices in major cities is given in Annexure I.Acknowledgement on prescribed form will be taken from the income taxauthority at the time of deposit of the said documents.

Under section 165 , an AOP has to provide the Income Tax authorities, astatement regarding payment of salary to its employees and tax deductedon there salaries, on a quarterly or six monthly basis.

To file the income tax returns, a taxpayer needs to furnish the followingdocuments to the income tax authorities:

1. Form of return of total income under Income Tax Ordinance, 20012. Tax payment challan (IT 31 A, B, C, D).3. Statement U/S 115(4) - Statement of receipts / incomes subject to finaltaxation4. Copies of:a) Audited financial statements (income statement and balance sheet)along with auditors' and directors' reports thereon.

b) Charts of depreciation/amortization as admissible under the Income TaxOrdinance, 20015. Evidence of payment of Tax deducted/collected at source, Advance taxpaid U/S 147, Expenditure on personal medical service, Zakat, Tax paidwith return U/S 137

6. Photocopies of tax payment challans in case of adjustment of advancedtaxes deducted under the Ordinance .

FILLING OF ANNUAL INCOME TAX RETURN;(Business Individuals)After dully filling up of one pager annual income tax return alongwith annexure and a copy of tax payment challan, it will bedeposited with the income tax department on or before September30 th of the respective year. Acknowledgement on prescribed formwill be taken from the income tax authority at the time of deposit of the said documents.


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Documents required to be attached with the return The following documents are required to be attached with thereturn.1. Statement u/s 115(4) (if applicable), Statement of receipts/Incomes subject to final taxation.2. Wealth Statement (if applicable).3. Copies of a) Manufacturing/Trading Accounts and P & L Accounts.b) Receipts and expenditure Statement.c) Chart of depreciation/amortization as admissible under theIncome Tax Ordinance, 2001d) Balance Sheet.e) Copies of personal account(s) of proprietor/members5) Application in prescribed form for income tax credit on foreignsource income.6) Detail of prior year refund adjustment claimed, if any.7) Evidence of payment of a) Tax deducted/collected at source.b) Advance tax paid u/s 147.c) Tax paid with return u/s 137.d) Zakat.e) Expenditure on personal medical services.f) Donation/investments in shares etc (for tax credits).g) Any other exclusion from income, if any8) In case of a new taxpayer (without a NTN) NTN Registration form.9) Any other documents

NOTE;- Any person who is not obliged to furnish a return for a taxyear because all the persons income is subject to final taxationunder sections 148, 5,6,7,148,154,156A or subsection(5) of section 234 shall furnish to the Commissioner under section115 a statement showing such particulars relating to the personsincome for the tax year in such form and verified in such manner asmay be prescribed.An individual having only salary income is not required to fileincome statement, if his/her employer has filed the annualstatement of income tax deducted from salary.FILLING OF WEALTH STATEMENT:Every new taxpayer and existing assesee having last declared orassessed income Rs. 500,000 or more will file wealth statementunder section 116 along with the annual return.REVISED RETURN :Any person who after filing a return discovers any omission or wrongstatement therein can furnish a revised return within five years of the date of filing the original return.DATE OF FILING OF RETURN:An individual can file an annual return on or before 30 th Day of September next following the end of the tax year to which return

relates. However Commissioner under section 119 against an


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application can extend time for furnishing returns and otherdocuments.