Be very careful while filling income tax return 2019, which will be open around September 2nd or 3rd.
FBR will be using systematic matching technique to catch those who fill incorrect information or hide assets.
Accordingly to experience Tax payer makes 5 common mistakes.
Hiding Tax on Education local section 236I & Aboard 236R both, Kindly avoid this mistake.
Hiding Capital loss on securities : People often feel that Loss on securities can not be shown because it’s not part of the income, Now loss on securities can be carry forwarded for up to next 3 years, NCCPL issues Capital gain / Loss certificate , Kindly avoid this mistake
Rental Income : Minimum PKR 200,000 there is no tax , but according to LAW rental agreement must be submitted to Police station , FBR is also collecting data from there. Think when you file your income tax return next.
Profit on Debt & Behoobood Saving Certificate etc. Since FBR has data which you can see where income tax have already been deducted is available on FBR Malomaat, since tax have been deducted, it’s better to declare it , as far as Behbood Saving certificate & Profit received although NSC will not deduct the tax but one should declare it and file the income tax return properly .
Dividend Income : Many people argue that Yes, we have received the dividend in the Bank Account but do not have dividend warrant CDC has introduced E-Service to see the dividend – download it , or even yearly you can take out one report which will ease your work, again Income tax under section 150 have already been deducted there is no harm to declare it.
Things are getting hard, FBR is going to use Softwares and IT Techniques to find out , keep this in mind there is a penalty for filling wrong or incorrect return.
If you want FINPERIAL to file your taxes please contact us at firstname.lastname@example.org or call us at 0336 5116392. We’d be happy to help.
Better safe than sorry.