Do you want some guidance about how to file income tax returns for individuals and businesses?- If you are looking for that content then you will find here exactly what you want to know.
The FBR has provided the easiest system for allowing individual and business organizations to file income tax online. Make sure you clearly understand the terms and conditions of the income tax laws. Why do you need to file the income tax law and what are the benefits or disadvantages of filing or not filing the income tax? Here you will find detailed guidance about how to file income tax returns for your business online.
How To File Income Tax Return For Business?
If you want to file income tax for your business then you have to follow the all steps of this procedure for your ease.
Collect The Records:
First of all, collect all of the records related to business or anything that you want to file an income tax return. Make sure you have everything available on the table to fill this Tax performa.
When you find out every single record about the business before going to start then you don’t need to worry while performing this Online Tax procedure. You have to income statements, balance sheets, and business revenues & expenses throughout the year.
Login Into The IRIS Platform:
To file the income tax, the user should have to go to the Federal Board of Revenue official website and then have to login into the online portal of IRIS by entering the username and password.
If the user doesn’t have an IRIS account then he/she must have to sign up for this account by providing a username and mobile number which will register at your ID. After that, the user can file the Tax return.
Submit Your Tax Form:
After login into the IRIS platform, fill in your income tax form by entering all of the requirements that is need to be entered. Let’s move on to its step-by-step procedure.
- Click on the “Data tab” in the top left corner
- Then select the “business tab”
- Go through all of the fields from the below bar of the business tab while entering the annual income of your business into the tax form
- The forms have different options including Gross fit, income/loss from business, and gross revenue. selling expenses, net purchases, and cost of sales/services.
For Income Tax:
Go for the data declaration in the left top menu and then click on the first option return of income
Then click on the period and write the period of tax
After that click on the employment then salary option and fill up all requirements
Similarly, you can check for property, business, assets, and all other available options for your income tax
Now in the tax chargeable option, you can adjust the tax by adding different vehicles or others
Click on the + button on the right side to add vehicle tax file, you can add the vehicle form
Similarly, you can check from the above menu and like Data, Payment, attributes, and option of PTR
Click on the data tab then tax chargeable option for income tax of your business
After filling all of the requirements you have to submit the form by clicking on “submit” and then “Yes” to confirm
Who needs to file income tax returns:
There are different criteria for every different business organization and many. Here you have the list of organizations and people who have to need file income tax returns.
- Every Business or Organization
- The individuals who earn more than 4,00000 PKR annually have to pay tax
- According to clause (36) section, every non-profit organization must have to pay tax
- Those who have a vehicle of more than 1000 CC
- Those Individuals who have flats or land in the high rating areas have to pay tax
- Every Person who has NTN (National Tax Number)
- Those who have a commercial connection to the electricity and exceed their bills of more than 500,000 PKR must have to pay tax
Final Words:
Here you have all of it guys. I hope that the information I have provided to you about how to file income tax returns for your business online. If you have any queries about this content, feel free and just ask in a comment box. We are here for you.