Topic: An Appraisal of Requirements to File a Return of Income
Submitted to: Sir Aqeel Zafar ul Hassan
Submitted By: Tayyab Wali
ID: 16330
Contents
What is a “Return of Income”? 3
Obligation to file income tax declarations 3
From The Ordinance: 4 114. Return of income. 4 115. Persons not required furnishing a return of income. 6 How to prepare wealth reconciliation statement 9 Dates for Filing the return 11
Income Tax Return Form 2013 12
What is a “Return of Income”?
The Return of Income is a Form filed by a person to the Income Tax Department. It contains details of the person’s annual income(s).
Obligation to file income tax declarations
Who is required to submit a return of income?
1. Every company irrespective of any conditions, whether earning exempt income, or still in start-up stage or any other situation;
2. Associations of persons and individuals with annual income over Rs. 400,000/- for tax year 2013. Any person who is charged to tax in any of the two preceding tax years Any person who claims a loss to be carried forward and set-off against the income of the following year(s).
3. Any person who owns immovable property:
i. with land area of 250 sq. yards or more located in areas falling within the municipal limits, a Cantonment Board, or the Islamabad Capital Territory;
ii. with land area of 500 sq. yards or more located in rating area; or
iii. a flat located in areas falling within the municipal limits , a Cantonment Board, or the Islamabad Capital Territory; or
iv. a flat with covered area of 2,000 sq. feet or more located in rating areas;
4. Any person who owns a motor vehicle having engine capacity of 1,000 cc or more
