Return of Income
Friday, June 18, 2010
Following persons are required to furnish a return of income for a tax year, namely:–
a) every company including any non-profit organization and approved welfare institution
b) every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax under this Ordinance for the year
c) any person who
- has been charged to tax in respect of any of the two preceding tax years;
- claims a loss carried forward under this Ordinance for a tax year;
- owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of Local Government laws in the provinces; or areas in a Cantonment; or the Islamabad Capital Territory.
- owns immoveable property with a land area of five hundred square yards or more located in a rating area;
- owns a flat having covered area of two thousand square feet or more located in a rating area;
- owns a motor vehicle having engine capacity above 1000 CC; and
- has obtained National Tax Number
Labels: Miscellaneous, Return of Income, Section 114
posted @ 12:48 PM,
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