Filing Tax Returns

Image000.jpgI visited the Income Tax House building opposite Sindh Secretariat today to file my income tax return and was pleasantly surprised to see the entire place being under a complete revamp. At least some of our taxes are being put to work!

The porch space of the building that was previously used to put up tents where various categories of tax payers were handled is currently getting a new floor. Hence the inside of the main hall (which is just around 20% done) had the counters set up.


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Tomorrow is the last date for filing income tax returns. Yes, its a Sunday but the place is open for business and that too till late in the evening. Also, note that if your income comprises solely of your salary, you are not required to file a tax return and the tax deduction certificate issued by your employer will suffice. However, for those who have other sources of income are required to submit a tax return. Also note that if your salary slab requires you to file a wealth tax return as well, you have to file both the income tax as well as the wealth tax return. They are not taking the wealth tax return alone on its own.

And finally, don’t forget to get your copy of the tax return stamped as proof of submission.

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21 Comments so far

  1. Jamal Shamsi (unregistered) on September 30th, 2007 @ 1:26 am

    Jama karwa dee, namaz kai baad.

    eid baad inn ke badmashi shorro ho jai gi


  2. d0ct0r (unregistered) on September 30th, 2007 @ 1:38 am

    well i think they’ll extend the last date.. like they did last year..


  3. Kashif (unregistered) on September 30th, 2007 @ 4:19 am

    Taxing times, indeed!


  4. zee (unregistered) on September 30th, 2007 @ 6:12 am

    Have any of you ever been lucky enough to get tax returns over here? My wife recieved tax return last year, YES, she got some money back from the government!! Lets see how it turns out this year.


  5. mansoor (unregistered) on September 30th, 2007 @ 6:16 am

    i seriously hope they do extend the last date!!! i’ve yet to get the forms in order :(


  6. Mona (unregistered) on September 30th, 2007 @ 7:20 am

    Is it mandatory to lodge income tax returns in Pakistan?

    What about high net worth individuals?

    I would have thought its very easy to not disclose any income other than salary and wages to the government?

    Just out of curiosity, as I am a tax professional overseas.


  7. Reality_Check (unregistered) on September 30th, 2007 @ 10:59 am

    MONA If you are a landed individual, with thousands of acres of agricultural land and drive around in latest SUV’s, you need not pay a cent in income tax. You are lawfully exempt.

    On the other hand business men and industrialist can use tax shelters and loop hooles in the system. However, the salaried individual has no escape.


  8. d0ct0r (unregistered) on September 30th, 2007 @ 2:33 pm

    i was sitting with my tax lawyer and this guy walks in.. and asks him that he didn’t wanted his tax challan to be over Rs 10000… when he left my lawyer told me that this guy imported ginger worth Rs 350 million in last fiscal year and is now insisting that i should work out his tax lower then Rs 10k …


  9. Tariq Khanani (unregistered) on September 30th, 2007 @ 3:40 pm

    @reality

    It really hurts seeing huge figure of deductions in pay slip, i am with you on this.

    Guest what my previous employer did, she deducted tax from everyones salary but they all ended up in her pocket :@


  10. Tariq Khanani (unregistered) on September 30th, 2007 @ 3:59 pm

    The hardest thing to understand in the world is the income tax. Albert Einstein


  11. Ali K.Chishti (unregistered) on September 30th, 2007 @ 4:04 pm

    I remembered what Bernard Berenson said,
    “Governments last as long as the undertaxed can defend themselves from the overtaxed.”

    There’s clearly a divide in our society and unfortunately, it’s not between the rich and the poor or between a farmer and a urbanite middle class but between ‘tax payers and tax cunsumers’.

    Mushraff – if we could all remember iniciated a ‘tax policy’ which specially targeted businesses ( small, medium and big ) . Thanks to the policy our traders blackmailed us and closed shops, factory’s and there respected businesses.

    This argument of people not giving taxes because government eats up everything – is used by capitalists during the days of Romans.

    I am not a tax lawyer but I know for the fact that one of the classical ways of a average Joe on the street – to hide there money is to open multiple bank accounts and show one or two with little money.

    We need to seriously tax – large and medium scale agriculturalists to raise taxes and to gradually cut down on direct taxes.
    Br.Ali K.Chishti


  12. d0ct0r (unregistered) on September 30th, 2007 @ 8:07 pm

    as expected date extended… 20th October new date


  13. Obi Wan Kenobi (unregistered) on October 1st, 2007 @ 12:31 am

    You can not beat the system, if you earn then its minus tax and if you buy then it’s plus tax.

    Any how what is the % one has to pay in Pakistan. Let’s assume I am making 1 lac pm.


  14. Ramla A. (unregistered) on October 1st, 2007 @ 12:58 am

    Speaking of taxes, here’s an interesting read:

    http://www.relfe.com/plus_5_.html


  15. Ramla A. (unregistered) on October 1st, 2007 @ 12:59 am

    Speaking of taxes, here’s an interesting read:

    I Want the Earth Plus 5%
    A story about money, taxes, employment, work, etc.

    http://www.relfe.com/plus_5_.html


  16. bluemax (unregistered) on October 1st, 2007 @ 3:14 am

    OBI, income tax rate is 11% for salaried taxpayers getting 1 lac pm. For non-salaried individuals it is 21%.

    Full time teachers and researchers get a reduction of 75% on their total tax payable.

    Guys kindly correct me if I am wrong here.


  17. Abdul Sami (unregistered) on October 1st, 2007 @ 11:33 pm

    Can you people guide first timers? how to file tax returs and what information does it carry?


  18. Balma (unregistered) on October 1st, 2007 @ 11:42 pm

    Hai’n, people are paying taxes!
    Strange, very strange!


  19. Mohsin (unregistered) on October 2nd, 2007 @ 9:06 am

    LOL

    reading about you guys complain about Pakistani tax makes me laugh.
    here in Canada we have 40% tax on income(high end at least) , 14% on everything you buy, property tax,tax on mobile service, tax on petrol, you name it there is a tax on it.

    But then again, at least we know that our tax dollars doesn’t go to the vacation fund of our leaders ;)


  20. Mona (unregistered) on October 2nd, 2007 @ 4:24 pm

    I can beat that… here in Australia our top marginal rate is 46.5%; for businesses there is top rate of 30%; on goods and services we get, there is sales tax of 10%…

    True money is spent on us… but a lot of it goes on the so call wars, and summits like the APEC! Where around AUD150-130million was spent just on security!

    But still, its not that bad either.


  21. Mohsin (unregistered) on October 3rd, 2007 @ 12:41 am

    I agree, it’s not to bad
    I would rather pay 40% of my income to a government that will actually spend it on things that benefit the people( roads, schools, hospitals) then pay 1% of my income to a government which will just steal the money for itself.



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