ISLAMABAD: Federal Board of Revenue (FBR) issues list of individuals/companies required to file income tax return and wealth statement for tax year 2020.
The FBR has finalized income tax return form for tax year 2020 through SRO 822(I)/2020, to be filed by salaried persons, business individuals, Association of Persons (AOPs), corporate entities having special financial year by September 30, 2020.
The FBR said that the following persons are required to furnish a return of income for a tax year:
(a) Every company;
(b) Every person (other than a company), whose taxable income for the year exceeds Rs400,000;
(c) Every non-profit organization as defined in clause (36) of Section 2 of Income Tax Ordinance, 2001;
(d) Every welfare institution approved under clause 58 of Part I of the Second Schedule;
(e) Every person who has been charged to tax in respect of any of the two proceeding tax years;
(f) Every person who claims a loss carried forward under the Income Tax Ordinance, 2001 for a tax year;
(g) Every person who owns immovable property with a land area of two hundred and fifty 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;
(h) Every person who owns immovable property with a land area of five hundred square yards or more located in a rating area;
(i) Every person who owns a flat having covered area of two thousand square feet or more located in a rating area;
(j) Every person who owns a motor vehicle having engine capacity above 1000 CC;
(k) Every person who has obtained National Tax Number;
(l) Every person who is the holder of commercial or industrial connection of electricity where the amount of annual bill exceeds rupees five hundred thousand;
(m) Every person who is registered with any chamber of commerce and industry or any trade or business association or any market committee or any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan Bar Council or any Provincial Bar Council, Institute of Chartered Accountants of Pakistan or Institute of Cost and Management Accountants of Pakistan;
(n) Every individual whose income under the head Business exceeds Rs300,000 but does not exceed Rs400,000 in a tax year;
(o) Every individual and AOP deriving property income exceeding Rs200,000.